Three companies claim for modernizing capital markets in Azerbaijan

Azerbaijan, Baku, June 5 / Trend A. Hasanov / Following the final stage of bidding to attract a consulting company within the capital market modernization project on June 5 funded by the World Bank, three candidates were determined, the Azerbaijani State Securities Committee said today. Corporate solutions, "Deloitte & Touche LLC" and the Turkish Capital Markets Board gained the minimum qualifying score while evaluating the technical proposals. The procedure of opening the packages of financial proposals of those companies has started today. The results of their evaluation will be submitted to the WB. The negotiations will be held with a winning company at the next stage of the tender within the contract. World Bank allocated a loan to Azerbaijan to the amount of $ 12 million to implement a project of modernizing the capital markets. The project will be financed by the credit resources of the International Bank for Reconstruction and Development. Swiss State Secretariat for Economic Affairs (SECO) will finance two components within the capital market development project in Azerbaijan to improve the legal framework and develop new financial instruments of stimulating demand in the market. While implementing the project, special attention will be paid to improve the legal framework at the next stage, market infrastructure and to complete the automation process of trading securities within a single platform. The measures will be taken to stimulate demand and supply in the market. Do you have any feedback? Contact our journalist at agency@trend.az