News Column

The World Bank estimates Capital Markets Modernization Project

February 6, 2014

Baku /06/02/14/Turan: At a February 5 meeting with the chairman of the State Committee for Securities (SCS) Rufat Aslanli World Bank delegation discussed the progress of the work under the contract for consulting services Capital Markets Modernization Project . WB delegation intends to evaluate the work done. The PR sector of the SCS informed that during the meeting the WB financial sector expert Uzma Khelil announced the completion of her mission and appointment of Johanna Jager to this post. Representatives of the World Bank pointed out that this year is estimated by them as "an important step" of the project "Modernization of the capital markets." Last week, SCS held an enlarged board meeting dedicated to the implementation of the State Program "Development of Securities Market in AR in 2011-2020" and the project "Modernization of capital markets." The result of it was defining tasks for the effective implementation of the 2014. According to the agreement, the execution of the project was completed in December 2015 . The project Modernization of Capital Markets is counted till the year 2015 and an estimated $ 15.8 million , of which $ 12 million is financed by the World Bank . As of December 31 , $ 2,294,000 were used for the implementation of its various components, including improvement and automation of market infrastructure - $ 601.2 thousand , improving and strengthening the legal and regulatory framework - $ 282.9 thousand , promotion of offers - $ 353 6 thousand, improving skills - $ 442 thousand and project management - $ 43.4 thousand . The Azerbaijani government has paid VAT on the project in the amount of $ 302.8 thousand In the summer of 2012 SSC engaged the company Corporate Solutions ( Britain ) as a consultant. The company's services were valued at 6.7 million euros . -08D

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: Turan Information Agency (Azerbaijan)

Story Tools