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IFC, Azerbaijan sign memo of understanding

19 August 2008 17:00 (UTC +04:00)

Baku. Elnur Huseynguluyev, Nicat Mustafayev â€“ APA-ECONOMICS. IFC and the Government of Azerbaijan have signed a memorandum of understanding on Business Environment Improvement Project.
The document was signed by Lars H. Thunell, Executive Vice President and CEO of IFC and Heydar Babayev, Azerbaijanâ€™s Minister of Economic Development.
Heydar Babayev said this project will help Azerbaijan to advance on the Doing Business report.
Azerbaijan became a member of IFC in 1995. To date, IFC contributed more than $400 million to about 40 projects in the country. IFC has also implemented advisory projects in banking, corporate governance, leasing, SME development, housing finance, securities market development, investment promotion, and business environment.
The mission of IFC is to promote sustainable private sector investment in emerging markets, helping to reduce poverty and improve peopleâ€™s lives. IFC finances private sector investments in transition and developing countries, mobilizes capital in the international financial markets, helps clients improve social and environmental sustainability, and provides technical assistance and advice to governments and businesses.