|
IFC Executive Vice President and CEO Highlights Priorities for Azerbaijan
Baku, Azerbaijan, August 19, 2008—Lars
Thunell, Executive Vice President and CEO of IFC, a member of the World
Bank Group, today said that IFC will expand its investment and advisory
operations in Azerbaijan, focusing on developing the non-oil sector and
improving the business environment.
During his first official visit to Azerbaijan,
Thunell met with the President of the Republic of Azerbaijan H.E. Ilham
Aliyev to seek the President’s view on how IFC can further support the
the countries’ development priorities. He also discussed the government’s
strategy for economic development beyond the oil industry with Abid Sharifov,
Deputy Prime Minister and senior economic policymakers from the Ministry
of Economic Development, the National Bank, the Ministry of Finance, and
the State Oil Fund of Azerbaijan.
“IFC’s investments in Azerbaijan have
nearly quadrupled over the past two years, with more than 40 investments
and 10 advisory projects delivered to date,” Thunell said. “Our goal
is to help Azerbaijan diversify its economy and improve the business environment
to grow businesses which generate jobs.”
Thunell signed a memorandum of understanding
between IFC and the government, outlining cooperation on improving the
country’s business environment. The memorandum was signed by Heydar Babayev,
Minister of Economic Development, on behalf of the government. IFC also
committed a $5 million loan to Azerdemiryolbank to support the bank’s
mortgage operations.
Thunell also visited a number private
sector representatives, as well as local companies AZEL-Azerbaijan Electronics
and ADA Group, which operates the Almali food retail chain. Both are IFC’s
investment and advisory services clients.
Azerbaijan became a member of IFC in
1995. To date, IFC has invested more than $300 million from its own funds
and over $104 million from syndications in nearly 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.
About IFC
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. IFC’s vision is that poor people should
have the opportunity to escape poverty and improve their lives. In FY07,
IFC committed $8.2 billion and mobilized an additional $3.9 billion through
syndications and structured finance for 299 investments in 69 developing
countries. IFC also provided advisory services in 97 countries. For more
information, visit www.ifc.org
|
|
|
