Baku, February 24, AZERTAC
Financial Markets Supervision Authority of the Republic of Azerbaijan (FIMSA), Swiss Secretariat for Economic Affairs (SECO) and World Bank launched the second phase of the Financial Sector Modernization Project (FSMP2). The objective of the Project is to support stabilization and development of Azerbaijan’s financial sector by enhancing legal and regulatory framework, strengthening FIMSA supervisory capacity and improving financial safety net to protect the interests of depositors and financial services consumers.
“Azerbaijan is implementing broad reforms to transform its financial sector by improving its regulation and institutions. Continued cooperation with the World Bank and SECO will allow us to benefit from the best international practice and the expertise,” said Rufat Aslanli, Chairman of the Board of Directors of FIMSA.
The Project will partner with a broad range of stakeholders from public and private sectors to develop recommendations, share international experience and provide technical assistance to support key reforms in the sector.
“I believe that this World Bank project financed by Switzerland comes very timely to assist the authorities of Azerbaijan to ensure future sustainable development of the financial sector and increase its role in economic growth and jobs creation,” said Naveed Naqvi, World Bank Country Manager for Azerbaijan.
FSMP2 will cover a number of priority areas for Azerbaijan’s financial sector, including legal and regulatory reforms and building capacity of the market supervisor, FIMSA, stabilization of the banking sector, strengthening deposit insurance framework, enhancing financial consumer protection, and facilitating restructuring of non-performing loans to boost financial sector capacity and resume lending in support of economic growth.
“The Government of Switzerland remains committed to support Azerbaijan in the implementation of the ambitious economic, financial and social reforms,” said Simone Haeberli, Deputy Regional Director of the Swiss Cooperation Office for the South Caucasus, “continued financial sector modernization and development, including key financial infrastructure, is essential for economic growth and stronger social and financial protection for the people of Azerbaijan”.
FMSP2 will be implemented by the World Bank over 2017-2020 with $3 million grant of the Swiss Government.
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