WB to check capital markets modernization results in Azerbaijan
The World Bank (WB) mission headed by Angela Prigozhina, the bank's private and financial development sector leader, will arrive in Baku June 13, the Baku office of the WB told Trend June 11.
The aim of the mission is to get acquainted with the situation in the financial sector of Azerbaijan and summarize the results of the Capital Markets Modernization Project, which ends in late June 2016.
The mission will stay in Baku until June 17.
The WB allocated Azerbaijan a loan of $12 million, while the total project cost is $15.8 million. The project is financed at the expense of credit resources of the International Bank for Reconstruction and Development (IBRD is part of the WB group).
In addition, the Swiss State Secretariat for Economic Affairs (SECO) approved the allocation of technical assistance in the amount of $1.6 million for the two components within the Capital Markets Modernization Project in Azerbaijan - improving the legal framework and development of new financial incentive instruments on the market. Also, some 2.2 million manats were allocated by the Azerbaijani government.
Azerbaijan joined the WB in 1992.
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