IFC has completed the following advisory project in Azerbaijan:
COMPLETED PROJECTS
Azerbaijan Leasing Development Project
Institutional Strengthening for Baku Stock Exchange and State Committee for Securities
COMPLETED PROJECT
Azerbaijan Leasing Development Project
2003 - 2007
Funded by the State Secretariat for Economic Affairs of Switzerland (SECO)
Drawing on its leasing development program expertise in other countries, IFC worked to build favorable conditions for the growth of the leasing industry in Azerbaijan. The project worked with policymakers to improve the legal framework for leasing and strengthen the operations of the only leasing company in the country. To stimulate the growth of new leasing companies the project trained local banks on conducting leasing operations. The project also had a public education component to educate potential leasing clients on leasing, its advantages, and its application. The project has achieved the following key results:
- Worked with the government of Azerbaijan to redraft the national Tax Code, improving the tax environment for leasing, and the National Accounting Standards for leasing
- Facilitated the growth in the number of SMEs obtaining leases, from 38 leases in 2003 to 647 total leases in 2006
- The project helped to establish the first Leasing Association in Azerbaijan, composed of almost 90% of all leasing companies in the country
Institutional Strengthening for Baku Stock Exchange and State Committee for Securities
2001 - 2003
Funded by the Government of Netherlands
In 2002, IFC provided a comprehensive program of institutional strengthening and training to employees of the Baku Stock Exchange and State Committee for Securities. The clients were very happy with program results, and implementation of recommendations is underway. The program consisted of operational support and professional development training, including:
- training in the form of simulation exercises for IPOs and their trading cycle;
- a complete revision of the IPO guidebook on trading rules and regulations;
- revision of the procedures covering the listing, trading, clearing and settlement of securities;
- an intensive capital markets seminar for private and public sector companies;
- in-depth training workshops in capital markets and in exchange management; and
- a seminar for over 60 potential listed companies, related government agencies and members of the press.
