World Bank Preparing Technical Assistance to Azerbaijan on Financial Literacy

On October 19 in Baku, there was a meeting of the Chairman of the Board of Directors of the Financial Markets Supervision House (FMSH) Rufat Aslanli with the mission of technical assistance for the protection of consumers and financial literacy of the World Bank headed by Angela Prigogine, Chief Specialist for the Financial Sector.

During the meeting the sides discussed prospects of cooperation in the field of consumer protection and financial literacy in Azerbaijan. WB representatives pointed out the usefulness of the dialogue between the parties, FMSH noted.

They discussed a plan of action to reform the legal, regulatory and control systems, and the rights of consumers of financial services.

"FMSH needs to strengthen the knowledge and capacity to protect the rights of consumers, consider applications and improve financial literacy in the country,” Aslanli said at the meeting.

In 2011, the World Bank allocated 12 million USD for the implementation of the Capital Markets Modernization Project, which was completed in 2015. Two components of this project were funded by the State Secretariat for Economic Affairs of Switzerland (SECO), which contributed $ 1.6 million. The project created an educational center for the capital market. The center conducts classes for interested parties on a fee basis. --08D