Signing of grant technical assistance agreement between the State Securities Committee (SSC) and the Government of the Swiss Confederation was held in Baku on Thursday. The document was signed by the Chairman of SSC Rufat Aslanli and the Ambassador of Switzerland to Azerbaijan Sabine Ullmann.
The grant of $ 1.6 million will be used to implement two of the four available components of the project "Modernization of the capital market." This means updating and strengthening the legal and regulatory framework and offer of incentives.
According to Aslanli, SSC finalized a draft law "On the Securities Market" and submitted it to the Cabinet. With the adoption of this legislation, securities market in Azerbaijan will take on a new level.
Speaking at the signing ceremony, Ms. Ullman said that in the 10 years of cooperation, Switzerland provided technical assistance to a total of $ 70 million to Azerbaijan.
The active phase of the project "Modernization of the Capital Market" comes at the end of this month, with the participation of the selected operator consultant. The project also includes components to strengthen the capacities of market participants, as well as improving market infrastructure. The cost of the project is $ 15.8 million, of which $ 12 million is funded by the International Bank for Reconstruction and Development (member of the World Bank). - 08C-
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