The European Union (EU) and Azerbaijan are preparing 10 new twinning projects. This was announced by charge d'affaires of the EU delegation in Azerbaijan Toralf Pilz at a presentation of the twinning project 'Bringing Azerbaijani legislation in the field of securities in accordance with European Union legislation and institutional development'.

"The European Union has been annually allocating 7.6 million euros to implement twinning projects in Azerbaijan since 2006," he said. "Seven twinning projects have been successfully implemented. Ten projects are currently underway with another 10 being prepared." He said that the EU is cooperating with the Ministry of Taxes, Ministry of Agriculture and Ministry of Education, the Ombudsman's office and other Azerbaijani state bodies within the EU twinning projects.

"Twinning projects are not only about transmitting knowledge, but strengthening relations between Azerbaijan and the EU which creates a guarantee for developing further reforms," he said. He said that using the new law on the securities market in Azerbaijan will lead to further development of this area and expanding the use of banking and other financial services.

"EU recommendations will be taken into account during its preparation to coordinate national legislation with the international one," he said. "Several technical assistance projects were implemented. However, additional assistance is required. The project will be launched with the State Securities Committee." The project's budget is 999,950 euros.

The project implementation started in October 2012 and will continue until May 31, 2014. The state Securities Committee is a partner of the beneficiary and the Polish Agency for Financial Supervision from EU member state's side.