A business meeting between the Chairman of the Kazakhstan Deposit Insurance Fund Mr. Bakyt Kogulov with the Chairman of the Azerbaijan Deposit Insurance Fund Mr. Azad Javadov was held on August 5, 2014 in Baku (Azerbaijan) within the framework of the Annual meeting of the Eurasia Regional Committee of IADI. Participants of the meeting discussed the matters of the effective functioning of the deposit insurance systems and potential ways of strengthening mutual cooperation between the parties. Following the meeting, a Memorandum of Understanding and Cooperation between the two organizations was signed.
In accordance with the Memorandum, the parties shall share and exchange information between themselves on the development of deposit insurance schemes in the Republic of Kazakhstan and the Republic of Azerbaijan, share their own practical experience in the field of deposit insurance, rehabilitation and liquidation of troubled financial institutions, as well as carry out joint research and educational projects in the areas of mutual interest.
The main purpose of the Memorandum of Understanding is to establish mutually beneficial partnerships between the two deposit insurers in order to effectively maintain stability of the financial systems in both countries.
The parties believe that the development of friendly relations between the two state deposit insurers given close cooperation between the two countries in the economic and financial spheres within the framework of their participation in the CIS is fully consistent represents a fully logical trend. The leaders of both deposit insurance organizations are confident in their ability to achieve all the goals set forth in the Memorandum.