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Number of pilot companies participating in Corporate Governance Project to increase

11 June 2010 14:50 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. The International Financial Corporation (IFC) and the State Secretariat for Economic Affairs will select next 2 pilot companies for second phase of Corporate Governance Project in Azerbaijan, head of CGPA Caroline Bright informed.

According to her, the IFC holds talks with several companies about joining project and the talks will over in the summer. â€œMore 2 pilot companies will be selected in summer, and the number of pilot companies will reach 5. Perhaps, those 2 companies will be non-banking organizationsâ€ she added.

Note that, IFC second phase started last year and selected 3 pilot companies. These are: CredAgro non-banking credit organization, Turanbank OJSC and A-Group Insurance Company. Generally, 6 pilot companies will be selected for the second phase of the project.

Azerbaijan has been a member of IFC since 1995.