Azerbaijan jointly with EU specifies priorities of infrastructure development of securities market

Principal priority of the State Committee for Securities is to conduct work of the National Depository Center in accordance with the international standards and improve stock trade system within infrastructure development of Azerbaijani market on securities, the State Committee for Securities Chairman Rufat Aslanli said at the meeting with expert group on the project Maintenance of Export and Investment Climate in Azerbaijan implemented within TACIS program of the European Union (technical aid to CIS countries).

The delegation included Norbert Muhlenbach, Robert Hezak and Ioannis Filopoulos.

Actions for joint activity within the project were also determined at the meeting. These actions are to be implemented by late 2010.

Principal beneficiaries of the project on individual components include the State Committee for Securities, Baku's stock exchange, the Azerbaijani Investment Company and the Azerbaijani Fund for Encouragement of Export and Investments (AZPROMO).

Actions are envisaged to be implemented to develop market of securities in different directions, especially, expanding of legislative and regulative structures, institutional potential of the State Committee for Securities, National Depository Center and Baku's stock exchange, training program and strengthening of public enlightenment within the project.     

Consultation services on the project are rendered by consortium of companies SOFRECO (FR) - IVEX (ES) and Belgian Bankers Academy (BE) chosen of 8 pretenders of short-list within tender procedure.

The project is worth ?3 million for 2-3 years. Aid will include continuation of TACIS's work with AZPROMO within the project of investment climate improvement in the country.

The project was included in the program of actions for 2006 adopted by the European Commission on June 15, 2006. But the financial memorandum was signed in 2007.

/Trend Capital/