Switzerland to Allocate $3Mln to Azerbaijan's Financial Sector

Switzerland's State Secretariat for Economic Affairs (SECO) will allocate $3 million to Azerbaijan under the framework of the second World Bank project on the country's financial sector modernization, local Trend news agency reported Monday, citing the World Bank's statement.

BAKU (Sputnik) — SECO will first pledge $2.2 million after the agreement is signed, then it will allocate additional $400,000 by November 30, 2018, and the same sum by November 30, 2019, the Trend news agency reported.

SECO's technical support to Azerbaijani economy is aimed at increasing financial stability via extending regulatory and legal frameworks of financial sector and enhancement of monitoring functions of financial market supervisory authority, according to the news agency.

Supportive measures include five issues, namely, financial market supervising, liquidation of banks, deposit insurance system, consumer protection and non-performing loans.

In 2012, SECO allocated funds to a World Bank project on Azerbaijan's financial market modernization worth $4 million, which was accomplished in June 2016.