Azerbaijan, Switzerland ink agreement
Baku, September 13 (AZERTAC). The governments of Azerbaijan and Switzerland on Sept. 13 signed an agreement on technical assistance to project of the modernization of the capital markets.
The signing ceremony took place in the administrative building of the State Securities Committee (SSC) of Azerbaijan. Rufat Aslanli, the Chairman of State Committee for Securities of Azerbaijan, and Sabine Ulmann, Swiss ambassador signed the document.
Before the signing ceremony, Rufat Aslanli said that, this project will increase the progress made in the economic field. He stressed that the capital market modernization project will provide the necessary technical and organizational support for iplementation of the state program of development of the securities market in 2011-2020s.
The World Bank (WB) has provided Azerbaijan with a loan of $12 million towards the project. It will be funded through the loans of the International Bank for Reconstruction and Development. The Swiss State Secretariat for Economic Affairs (SECO) has approved allocation of technical assistance of $1.6 million for the two components under the capital market development project in Azerbaijan. In implementing the project, special attention will be paid to the improvement of the legal framework for the next stage, market infrastructure and completion of the process of automation of securities trading on a single platform and measures to stimulate demand and supply in the market will be taken.
Sabine Ulmann said that the friendship with Azerbaijan is a priority for the Swiss government and the productive diplomatic relations are reflected in the development and cooperation program.
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