Turan Bank was chosen as a pilot in the IFC Azerbaijan Corporate Governance Advisory Services Project implemented in partnership with SECO to provide in-depth advice to help align their corporate governance systems with best international practices.
Azerbaijan became a member of IFC in 1995. Since then IFC has invested nearly $408.6 million in 69 projects in the financial services, infrastructure, and manufacturing sectors, and mobilized nearly $73 million from other lenders. IFC has also implemented advisory projects focused on developing the private sector.
The State Oil Fund of the Republic of Azerbaijan (SOFAZ), Azerbaijan’s sovereign wealth fund, has committed $350 million to three funds managed by the IFC Asset Management Company: the IFC Global Infrastructure Fund, which invests alongside IFC in infrastructure projects in emerging markets; the IFC Catalyst Fund, which invests in funds and projects focused on low-carbon power generation, energy and water efficiency and the resource efficiency sector; and the IFC African, Latin American, and Caribbean Fund, which invests alongside IFC in equity and equity like projects in Africa, Latin America, and the Caribbean.
IFC Strategy in Azerbaijan
IFC supports sustainable growth and the diversification of Azerbaijan’s economy through investment and advisory support to the non-oil sectors, with a focus on agribusiness and infrastructure. To address barriers to private sector investment in these and other areas, IFC implements advisory programs to increase resource efficiency, improve the business climate, and strengthen financial markets.