Today, Baku hosts the 2nd phase of the "Financial Sector Modernization Project", with the organization of the Financial Markets Supervision Chamber (FMSC), Swiss State Secretariat for Economic Affairs (SECO) and World Bank (WB).
It was stated that the project will be implemented by the WB in 2017-2020 through 3 million USD grant allocated by the Swiss government. Purpose of the project is to stabilize and support development of the Azerbaijani financial sector through strengthening financial security in order to expand legal and regulatory framework, strengthen control potential of the chamber, protect interests of depositors and financial services consumers.
Speaking in the presentation, Chairman of the FMSC Board of Directors (BoD) Rufat Aslanli said that currently, Azerbaijan is carrying out comprehensive reforms for transformation of financial sector by strengthening regulatory framework and institutions: "Sustainable cooperation with the SECO and WB will allow us to take advantage of advanced international experience and expertise".
According to him, the project mainly consists of 3 directions: "This is formation of an effective regulatory and supervisory framework in the financial sector, increase of sustainability of the banking sector, as well as protection of interests of financial services consumers, based on these two directions".
R.Aslanli added that this is of great importance not only for the Azerbaijani government but also for the WB and SECO: "In addition, most state agencies, including the Central Bank of Azerbaijan and Ministry of Finance attach great importance to the implementation of this project".
report.az