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IFC to pick next institution for Second Phase of Azerbaijan Corporate Governance Project this month

05 October 2009 16:56 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. IFC, a member of the World Bank Group, partnered with the Swiss Confederationâ€™s State Secretariat for Economic Affairs (SECO), has selected Turan Bank and CredAgro as the first two institutions for the Second Phase of Azerbaijan Corporate Governance Project.

IFC will work with banks and companies to further improve their corporate governance practices and minimize their portfolio risk.

Six pilot organizations will be selected for the project that will give priority to banks and joint stock companies.

The Azerbaijan Corporate Governance Project has been implemented by IFC with financial support from the State Secretariat for Economic Affairs of Switzerland (SECO since 2005. The second phase was launched in 2008 and CredAgro non-bank lending institution was chosen as the first pilot institution.

The three-year project builds on IFCâ€™s expertise in Central Asia, Eastern Europe, and the Caucasus. It is funded by SECO.

IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. IFCâ€™s vision is that poor people should have the opportunity to escape poverty and improve their lives.

The State Secretariat for Economic Affairs is the Swiss Confederationâ€™s competence center for all the core issues related to economic policy. Its aim is to create basic regulatory and economic policy conditions to enable business to flourish and benefit all.