World Bank Dissatisfied with Level of Access of Local Small Businesses to Cheap Long-term

The coordinator of the World Bank for financial and private sectors in the South Caucasus, Angela Prigogine believes that the private small and medium enterprises in Azerbaijan have problems accessing long-term and cheap finance, because reforms are required in this sphere.

According to her statement at the presentation of the law of Azerbaijan Republic "On Securities Market", in spite of the achievements in this field, Azerbaijan is still in transition. So it is required to diversify the financial market and develop the banking, non-banking and capital markets.

"Banks generally provide short-term finance, and this situation creates a favorable platform for the development of the capital market, in particular by reducing transaction costs, enhancing transparency, and other parameters," she said, noting the role of the World Bank in the development of the securities market.

She stressed the WB supported the development of the local market on the project CMMP, whose budget was $ 16 million, of which $ 12 million was granted on a long term basis for 27 years. SECO allocated Azerbaijan another $ 1.6 million for the modernization of the securities market. "The project will be completed on July 1, 2016, and it can be called one of the bank's most successful and exemplary projects in the field of modernization of the stock market", said Prigogine. --17D-