Azerbaijan’s ADIF, Switzerland’s SECO mull co-op prospects

Fri 08 September 2017 11:59 GMT | 15:59 Local Time

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The parties discussed the latest changes in the deposit insurance legislation related to the payment of compensation for insured events.

The Azerbaijan Deposit Insurance Fund (ADIF) and Switzerland’s State Secretariat for Economic Affairs (SECO) discussed the improvement of legislation in deposit insurance and prospects for cooperation, said ADIF in a message Sept. 8, AzVision reports.

According to the message, the discussions were held at a meeting of SECO delegation led by Reto Veermann, head of the macroeconomic support program, with ADIF’s Acting Executive Director Vugar Abdullayev.

During the meeting, the parties discussed the latest changes in the deposit insurance legislation related to the payment of compensation for insured events.

Moreover, the two sides discussed the future plans and goals of ADIF and prospects for cooperation as well as further improvement of deposit insurance legislation.

In February 2017, the World Bank, with the support of the Swiss government, launched the second phase of a project on modernization of Azerbaijan’s financial sector.

Main objectives of the project are improvement of the legislative and regulatory environment in the financial sector in line with international standards, institutional development of Financial Market Supervisory Authority (FIMSA), and possible changes in ADIF activity.

The Azerbaijan Deposit Insurance Fund has been operating since August 13, 2007. 

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