World Bank to Extend Validity Period of Technical Assistance in Consumer Protection and Financial Literacy of Population of Azerbaijan to October

The Chairman of the Board of Directors of the Financial Market Control House (FMCH) of Azerbaijan Rufat Aslanli has discussed the project of modernization of the financial sector with a delegation of the World Bank Group (WB), headed by the manager of the Financial Markets Rolf Berndt.

In particular, they talked about the possibility of international support to local agricultural insurance. Earlier, the International Finance Corporation, a part of the World Bank (IFC), offered theoretical and practical assistance to the Cabinet of Ministers of Azerbaijan Republic, taking into account the positive experience of the world, which would create an efficient agricultural industry private sector insurance system. It was suggested, in particular, to create the legal framework, training local experts to provide guidelines and so forth.

In addition, Berndt spoke about the preparation of the draft law of Azerbaijan on establishment of private credit bureaus, which aims the effective regulation of the banking sector and the possibility of extending the validity of technical assistance in the field of consumer protection and financial literacy of the population until October.

Also discussed were the project of financial services to the national postal operator Azerpocht and the issues of cooperation in the area of insurance sector development in Azerbaijan.

Recall that in March 2011, the World Bank provided the Azerbaijani government a loan of $ 12 million for the project "Modernization of capital markets' at a total cost of $ 15.8 million, where the share of the Government was $ 2.2 million and the Swiss State Secretariat for Economic Affairs (SECO) - $ 1.6 million.

In addition, SECO allocated $1.3 million for consumer protection and financial literacy. --17D-