Mastered 30% of the project "Modernization of Capital Market"

Baker Tilly Azerbaijan has audited the financial statements of the project "Modernization of Capital Market", financed mainly by loans from the World Bank (WB). According to the report, in 2012-2013 within the framework of this project was to use $ 4,869,300, although the market does not feel real its fruits.

Most of the funds ($ 3.7 million), the International Bank for Reconstruction and Development (World Bank group member) were paid in the form of rewards consulting services, including audit and training. In addition, for these purposes there was used $ 214,100 as grant from the government of Switzerland. The Azerbaijani government is funding the payment of VAT, which is for 2 years was $ 657,600. The consultant of the project is a foreign company.

Representatives of local companies in private conversations say that her work could be carried out more efficiently and at low cost.

Under the implementation of component A (improvement and automation market infrastructure) spent more than $ 1.5 million - including the formation of groups of market consultation - 196 000, to create a unified platform of Central Depository and post-trade operations - $ 320,200, expanding custodian - $ 159 100, the automation level of the market - $ 315,200.

For the formation of the market and reduce the guarantee mechanism of OTC trades in two years had spent $ 550,000. Moreover, these securities market participants do not really understand what the consultants’ work in these directions was. The fact is that during this period, the volume of OTC trades not only reduced, but increased considerably.

Under the second component (improving and strengthening the legal and regulatory framework) was used $ 711,500. The report notes that support the adoption of the law "On securities market" cost in 2012-2013 of $ 178,300. Nevertheless, there is not even hearing about when a bill goes parliamentarians.

To stimulate demand in the market was used $ 425,000, including the organization listing in BSE - $ 106,700. However, information on how and when to BSE will be the second company that wishes to quote their shares kept secret.

The component D (increase skills) was spent $ 1,155,600, including the creation of training center for capital markets - $ 409,300. This center now operates on a fee basis. Management of the center does not share information about the number of his listeners. In 2012-2013, the State Committee for Securities used by "improving public awareness of the capital market," nearly $ 142,000. Than expressed this work is unknown. Besides journalism and student competitions or what work was not felt among the public.

The project "Modernization of Capital Market" was developed under the State Program "Development of the securities market in Azerbaijan" (2011-2020). It ends at the end of 2015. WB allocated for its implementation of $ 12 million in financial support of the Swiss Government is $ 1.6 million, another $ 2.3 million was provided by the local government. - 08B-