Azerbaijan, Baku, April 4 / Trend N. Ismayilova /
The WB project for capital market development in Azerbaijan will be launched this summer, Azerbaijan's WB manager, Joseph Owen, said.
"The funds for this project will be received in June or July," he said. At present, the project is officially prepared for its implementation."
The WB Board of Directors has approved a financial package to assist Azerbaijan in expanding capital-market tools in order to improve access to finance and promote the rapid economic growth of the non-oil sector, the bank said.
The WB loan, worth $ 12 million and provided for the project of modernizing the capital market, is a continuation of WB's support of the Azerbaijani government to strengthen and diversify the financial sector.
The project involves supporting the growth of the private sector in the medium-term prospect by providing the opportunities for sustainable alternative sources of funding, thus facilitating the execution of the WB first strategic objective for 2011-2014 within the Partnership Strategy - strengthening the non-oil sector of the economy.
The project is financed by the International Bank for Reconstruction and Development (a part of a WB group) for 15 years, with a grace period of three years and a fixed spread.
About $ 2.9 billion have been allocated to Azerbaijan by WB for 43 projects during their cooperation.