WB to Finance Technical Assistance for Promoting Non-cash Payments in Azerbaijan

The draft agreement "On the provision of technical assistance for the project to stimulate non-cash payments in the country" is ready. It may be signed between the World Bank (WB), the Ministry of Taxes of Azerbaijan and the Central Bank (CBA).

According to the report of the Ministry of Taxes, the World Bank took over the funding. The Parties shall consider the legal aspects of signing the document.

According to the economist of the leading financial agency in Azerbaijan, Kongyan Tan, work under the technical assistance includes the study of international experience in the promotion of non-cash payments and preparation of the final report. It also includes assessment of the situation in this segment, its impact on the budget, defining the role of the tax authorities in the promotion of non-cash payments and other matters.

Azerbaijan has been a member of the World Bank since 1992. During the period of cooperation, the bank has allocated loans of $3.3 billion for the implementation of 51 local projects. At present, the implementation of a third of them is continued. --17D-