The World Bank Report No: ISR5826 Implementation Status & Results Azerbaijan Capital Markets Modernization Project (P120321) Public Disclosure Copy Operation Name: Capital Markets Modernization Project (P120321) Project Stage: Implementation Seq.No: 2 Status: ARCHIVED Archive Date: 09-Jul-2011 Country: Azerbaijan Approval FY: 2011 Product Line: IBRD/IDA Region: EUROPE AND CENTRAL ASIA Lending Instrument: Technical Assistance Loan Implementing Agency(ies): Key Dates Board Approval Date 17-Mar-2011 Original Closing Date 31-Dec-2015 Planned Mid Term Review Date 15-Nov-2013 Last Archived ISR Date 09-Jul-2011 Effectiveness Date 07-Nov-2011 Revised Closing Date 31-Dec-2015 Actual Mid Term Review Date Project Development Objectives Project Development Objective (from Project Appraisal Document) Increase the use of equity and corporate debt as financing and/or investment instruments through the adoption of an effective capital markets regulatory framework and infrastructure. Has the Project Development Objective been changed since Board Approval of the Project? Yes No Component(s) Component Name Component Cost Component 1: Streamlining and Automating Market Infrastructure. 0.00 Component 2: Updating and Strengthening the Legal and Regulatory Framework. 0.00 Component 3: Stimulating Supply. 0.00 Component 4: Capacity Building 0.00 Overall Ratings Public Disclosure Copy Previous Rating Current Rating Progress towards achievement of PDO Satisfactory Satisfactory Overall Implementation Progress (IP) Satisfactory Satisfactory Overall Risk Rating Moderate Implementation Status Overview The project was declared effective on November 7, 2011. Project implementation was launched in October 2011 and is progressing well. The procurement process for the single main consulting assignment under the project has been initiated as well. Page 1 of 4 The World Bank Report No: ISR5826 Locations No Location data has been entered Public Disclosure Copy Results Project Development Objective Indicators Indicator Name Core Unit of Measure Baseline Current End Target Increased issuance of corporate bonds Percentage Value 1.90 1.90 3.80 Date 15-May-2011 24-Jun-2011 Comments This data will be updated based on first bi-annual progress report expected in Feb/Mar 2012. Increased number of companies with listed Number Value 2.00 2.00 8.00 equity (accumulative) Date 15-May-2011 24-Jun-2011 Comments This data will be updated based on first bi-annual progress report expected in Feb/Mar 2012. Improved price transparency Percentage Value 0.00 0.00 90.00 Date 15-May-2011 24-Jun-2011 Comments This data will be updated based on first bi-annual progress report expected in Feb/Mar 2012. Intermediate Results Indicators Indicator Name Core Unit of Measure Baseline Current End Target Ratio of market participants electronically Percentage Value 0.00 0.00 100.00 Public Disclosure Copy linked to market infrastructure (trading, clearing Date 15-May-2011 24-Jun-2011 and settlements) Comments This data would be updated on first bi-annual progress report expected in Feb/Mar 2012. Enactment of a new Capital Market Act Text Value No Yes Date 15-May-2011 24-Jun-2011 Page 2 of 4 The World Bank Report No: ISR5826 Comments This data would be updated on first bi-annual progress report expected in Feb/Mar 2012. Public Disclosure Copy Promulgation of capital markets regulation Text Value No Yes required upon enactment of Law Date 15-May-2011 24-Jun-2011 Comments This data would be updated on first bi-annual progress report expected in Feb/Mar 2012. Number of companies involved in the listing Number Value 0.00 0.00 15.00 advisory program (debt and equity) Date 15-May-2011 24-Jun-2011 Comments This data will be updated based on first bi-annual progress report expected in Feb/Mar 2012. Increased of the threshold pass rate of the Percentage Value 50.00 50.00 75.00 Financial Certification examination for market Date 15-May-2011 24-Jun-2011 participants Comments This data will be updated based on first bi-annual progress report expected in Feb/Mar 2012. Consumer Awareness of Capital Market Number Value 24.00 24.00 45.00 Instruments Date 15-May-2011 24-Jun-2011 Comments This data will be updated based on first bi-annual progress report expected in Feb/Mar 2012. Data on Financial Performance (as of 20-Dec-2011) Public Disclosure Copy Financial Agreement(s) Key Dates Project Loan No. Status Approval Date Signing Date Effectiveness Date Closing Date P120321 IBRD-80240 Effective 17-Mar-2011 22-Sep-2011 07-Nov-2011 31-Dec-2015 Disbursements (in Millions) Project Loan No. Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P120321 IBRD-80240 Effective USD 12.00 12.00 0.00 0.03 11.97 0.00 Page 3 of 4 The World Bank Report No: ISR5826 Disbursement Graph Public Disclosure Copy Key Decisions Regarding Implementation None Restructuring History There has been no restructuring to date. Related Projects There are no related projects. Public Disclosure Copy Page 4 of 4