US ambassador, Chairman of National Bank and USAID project chief sign work-plan

It was signed by Chairman of the national Bank Elman Rstamov on behalf of Azerbaijan Government, US ambassador Reno Harnish on behalf of US government and USAID-funded project Banking Supervision Project Chief of Party Terry Stroud.

The United States Agency for international development has extended a program of technical assistance to the National Bank of Azerbaijan in pursuit of the establishment of conditions for the emergence of a competitive and efficient commercial banking sector and the improvement in the legal and accounting environment in which Azerbaijan's commercial Banks operate. The emergence of an efficient and stable banking sector is a key element in the development and diversification of Azerbaijan economy.

This program of technical assistance was initiated in late 2002 and has been instrumental in the achievement of the adoption of two new banking-sector laws in 2004 and the development within the national bank of the capacity to regulate commercial banking sector. The project has recently been extended through the middle of 2006.