SCS and SECO discussed further cooperation

Baku/05.02.14/Turan : At a February 4 meeting between the delegation of the Secretariat for Economic Affairs of Switzerland (SECO) and the State Securities Committee held discussions on ways of further cooperation . Since 2005, SECO has funded several projects for the development of corporate governance in the Azerbaijani companies and capital market.

The press service of the SSC told Turan that the head of the State Committee Rufat Aslanli , referring to the implementation of the project "Modernization of the capital markets ," said his effective management , delivery within it the necessary technical support .

Deputy Regional Director of the Swiss Cooperation Office for the South Caucasus Matthias Feldmann pointed out the necessity of reforms in the securities market.

  SECO is one of the donors in the World Bank project "Modernization of Capital Market" (2011) . Government organization has allocated for the implementation of its components, a grant of $ 1.6 million total project cost is estimated at $ 15.8 million

In the years 2005-2011 SECO funded a project of international financial institutions (IFC) " Azerbaijan Corporate Governance (AKIL).

Despite international efforts, underdeveloped securities market in Azerbaijan. Range and volume of securities offered by the capital market are incomparable with the existing money supply in circulation. The main players in the market, still, are financial institutions. - 08D-