TODAY.AZ / Business

Azerbaijan's post offices to provide banking-financial services

17 February 2007 [08:50] - TODAY.AZ
150 post offices in Baku, Sumgait and Absheron, will provide banking-financial services from October or November this year.

Communications and Information Technologies Ministry Officer Novruz Mammadov told APA that 1,200 [out of 1,600] post offices will offer banking and financial services by the end of 2008.

He said the Financial Services Development Project between the Government of Azerbaijan and the World Bank aims to facilitate improvement of the access of the rural population to financial services and improvements in the financial architecture and a component for Azeri Post to build the financial service capacity in rural areas that are presently undeserved or not served by the banking system and to improve access to basic business infrastructure and for delivery of Government services.

The cost of the project is $17.5, of which $12.5mln will be allocated by the World Bank and $5mln by the Government of Azerbaijan. The project will be complete by the end of 2008.


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