Over the past decade, Azerbaijan has made remarkable progress in reducing poverty and boosting shared prosperity. Poverty has fallen from nearly half the population in the early 2000s to about five percent in 2013.
Only 20% of firms in Eastern Europe and Central Asia have female top managers. IFC’s Corporate Governance Program in ECA promotes the business case for good CG practices and emphasizes business benefits of gender diversity on boards.
IFC is launching a project to increase access to finance for micro entrepreneurs. The project will help MFIs introduce new products, strengthen their operations and promote responsible finance, to expand the economy and create jobs.
Azerbaijan became a member of IFC in 1995. Since then IFC has invested $414 million in 73 projects in the financial services, infrastructure, and manufacturing sectors, and mobilized $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.
Details of projects currently in progress can be found in IFC Disclosure. For completed projects see press releases below or visit the IFC Press Room.