Ministry of Communications to Modernize Postal System at Expense of World Bank

The World Bank presented the Ministry of Communications and High Technologies of Azerbaijan (MCHT) proposals to modernize the postal system of the country, according to the ministry's information.

Yesterday the state of the jointly implemented projects and prospects of further cooperation were discussed by the Minister of Communications and High Technologies Ali Abbasov and the head of the Azerbaijani office of the World Bank Larisa Leschchenko.

The WB delegation presented its proposals to modernize the postal system and to indicate possible areas of cooperation with LLC Azerpoct, CBA, MCHT and other interested parties, as well as the Swiss State Secretariat for Economic Affairs (SECO).

"The new partnership with the World Bank and SECO to support the development of state-owned enterprises and financial development of Azerpoct consists of 3 components. Firstly, it is a corporate restructuring and the development of modern operating and financial services, secondly - rebranding, technological development and optimization, and, thirdly, - the opening of the pilot line of credit for small and medium businesses," said the head of the World Bank office with the hope of approval of these plans by the government.

Azerbaijan has been a member of the World Bank since 1992. For the period of cooperation in the implementation of 51 projects in Azerbaijan the bank has allocated loans totaling $ 3.3 billion. At the present time it continues to implement 17 projects.

The state company Azerpoct was created on September 23, 1999. On April 16, 2010, the Central Bank of Azerbaijan issued the company a limited license for the provision of banking and financial services.  --17D-