World Bank opened a new training center for capital market participants on Thursday in Baku, Azerbaijan, that is meant to increase reliability in the country's equity market.
Larisa Leshchenko, the head of the World Bank's Baku office, said the center will help Azerbaijan achieve economic diversity, AzerNews.az reports.
"Most successful countries in the world achieve economic diversity by investing in three major components, namely institutional development, infrastructure, and human capital development," Leshchenko said, according to AzerNews.az. "Opening a training center will combine the work on all these components."
Leshchenko said the center will develop a new way of accessing finance in the country in the medium term. She said that Azerbaijan's limited access to finances represent an obstacle to economic diversification.
"Now it is easy to get money for one year at high interest rates, but it is not what the real sector needs," Leshchenko said, according to AzerNews.az.
Rufat Aslani, the chairman of the Azerbaijani State Securities Committee, said the center will benefit companies and entrepreneurs wishing to enter the capital market in Azerbaijan. He also said that the center will complement other participants in the market.
The World Bank established the training center through its project for modernizing Azerbaijan's capital market.
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