Project
Financial Services Development Project in Azerbaijan
World Bank - WB
Status Current
Project
Financial Services Development Project in Azerbaijan
General Information
- Opportunity Type:
- Services, Goods
Project Summary
The main objectives of the Market Services Development Project in Azerbaijan are detailed below.
(1) Macroeconomic and Country Level: - To increase access to financial services in rural areas; - To provide payment system infrastructure to facilitate public sector reforms, notable reforms of pensions and social assistance services; - Increase the share of non-oil private sector in the economy; - Improve industrial infrastructure related to quality and protection of intellectual property; and - Facilitate increase of non-oil exports and/or decrease of non-oil imports of basic goods and food.
(2) Microeconomic and Sector Level (private sector access to financial Services: - To improve access to financial services in non-Baku and rural areas; - To improve capacity for non-oil SME and rural finance; - To improve (faster, safer and cheaper) delivery of pensions and social security payments; and - To improve access to electricity and other utilities, due to improved capacity to make/collect utility payments.
(3) Business and Quality Related Infrastructure: - To access to telephone, fax and E-Mail services in non-Baku and rural areas; - To improve access to quality related information by businesses in Azerbaijan; - To have more effective accreditation and certification processes; and - To have faster, cheaper and more effective quality related measurement and testing facilities available.
UPDATES:
20 January 2010
The project will undergo restructuring to improve the impact of the project by establishing new targets and reformulating the outcomes and indicators.
The project cost is now estimated at US$ 11.88 million.
30 January 2006
The project has been renamed "The Financial Services Development Project in Azerbaijan" and aims to facilitate the implementation of the country's Poverty Reduction Strategy and economic reform programs related to regional development and development of the non-oil sector, through improvements of the access of the rural population to financial services and improvements in the financial architecture. The project has three components: 1) A component for Azeri Post Platform; (2) A component for the National Bank (National Payment System Architecture); and (3) A project management component. The total project cost has been revised from US$ 13,000,000 to US$ 17,750,000. The Government of Azerbaijan shall finance US$ 5.50 million and the remaining amount of US$ 12.25 million shall be financed by the IDA.
29 August 2004
The World Bank (WB) estimates the total project cost at US$ 13,000,000.
(1) Macroeconomic and Country Level: - To increase access to financial services in rural areas; - To provide payment system infrastructure to facilitate public sector reforms, notable reforms of pensions and social assistance services; - Increase the share of non-oil private sector in the economy; - Improve industrial infrastructure related to quality and protection of intellectual property; and - Facilitate increase of non-oil exports and/or decrease of non-oil imports of basic goods and food.
(2) Microeconomic and Sector Level (private sector access to financial Services: - To improve access to financial services in non-Baku and rural areas; - To improve capacity for non-oil SME and rural finance; - To improve (faster, safer and cheaper) delivery of pensions and social security payments; and - To improve access to electricity and other utilities, due to improved capacity to make/collect utility payments.
(3) Business and Quality Related Infrastructure: - To access to telephone, fax and E-Mail services in non-Baku and rural areas; - To improve access to quality related information by businesses in Azerbaijan; - To have more effective accreditation and certification processes; and - To have faster, cheaper and more effective quality related measurement and testing facilities available.
UPDATES:
20 January 2010
The project will undergo restructuring to improve the impact of the project by establishing new targets and reformulating the outcomes and indicators.
The project cost is now estimated at US$ 11.88 million.
30 January 2006
The project has been renamed "The Financial Services Development Project in Azerbaijan" and aims to facilitate the implementation of the country's Poverty Reduction Strategy and economic reform programs related to regional development and development of the non-oil sector, through improvements of the access of the rural population to financial services and improvements in the financial architecture. The project has three components: 1) A component for Azeri Post Platform; (2) A component for the National Bank (National Payment System Architecture); and (3) A project management component. The total project cost has been revised from US$ 13,000,000 to US$ 17,750,000. The Government of Azerbaijan shall finance US$ 5.50 million and the remaining amount of US$ 12.25 million shall be financed by the IDA.
29 August 2004
The World Bank (WB) estimates the total project cost at US$ 13,000,000.