![Signed Grant Agreement with Capital Market in Azerbaijan](https://turan.az/resized/750/500/resize/media/2012/main/091300011053.jpg)
Signed Grant Agreement with Capital Market in Azerbaijan
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-
Economics
-
On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
-
Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
-
Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
-
Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
Leave a review