DEVELOPMENT CONCEPT “AZERBAIJAN - 2020: OUTLOOK FOR THE FUTURE” Project payment systems and the expansion of its coverage zone will be kept in the centre of attention. The capitalization of the banking system will continue, the expansion of the banking network in regions will be promoted and the mechanism of mortgage loans will improve. The electronic payment, post and savings systems will develop and the protection of the rights of users of banking services will strengthen. The increasing level of capitalization in insurance companies and the growing range of insurance products, repeat insurance, as well as the expansion of the use of life insurance and medical insurance will open the way for the development of the insurance market in the country. In order to stimulate the insurance of agricultural produce, it is planned to improve the appropriate legislation. Also, the improvement of the legislative and institutional environment for the provision of leasing services will allow leasing organizations to develop and easily enter the market, which will increase the share of leasing as an important source of finances in implementing the infrastructure and investment projects of leasing organizations and in improving the supply of equipment to agriculture. Important steps will be taken to form a securities market that will provide the economy with broad capitalization opportunities that meet modern, international standards and ensure reliable risk management. Systemic measures will be taken in order to limit the disorganized market of securities and increase the attractiveness of the market for investors, and the legislation that regulates the activities of the market’s professional participants and mechanisms of overseeing them. It is planned to take measures to improve the institutional development level of the securities market, ensure that it meets international standards, increase the rate of capitalization in the country’s economy and expand the use of non-inflationary investment funds directed at the financing of economic projects through the stock market. At the same time, the formation of appropriate conditions for economic entities and the population to efficiently place their savings on the stock market and gradually integrate the country’s securities market into the international capital market will always be in the centre of attention. 4.2 The improvement of the economic structure and the development of the non-oil sector During the period covered by the concept, it is planned to build, reconstruct and modernize systems for the extraction, transportation and refining of oil and gas. Also, within the framework of the development of the economy on the basis of clusters, it is planned to build a complex consisting of oil and gas refineries and petrochemical factories. The establishment of the complex will make it possible to attract the necessary 14