Baku, Azerbaijan, December 28, 2011—IFC,
a member of the World Bank Group, is helping Azerbaijan’s AGBank improve
its risk management and non-performing loan portfolio monitoring systems,
bolstering its operational efficiency and ability to expand lending to
small and medium enterprises.
IFC has been providing advice to AGBank
since 2009. Most recently, IFC helped AGBank introduce a stronger risk
management framework and operational processes, including credit processing
and credit risk management.
“Being able to manage risk effectively
is vital to our bank operations,” said Chingiz Asadullayev, Chairman of
AGBank’s Supervisory Board. “We are grateful to IFC’s team of experts
for helping us to improve our risk management system.”
Garth Bedford, IFC Program Manager,
said, “In a global environment where risk management is becoming a necessity,
AGBank has taken the lead in Azerbaijan to incorporate international best
practices into their operations. Improving internal risk management capacity
will allow the bank to grow and support their clients with a much more
robust level of security.”
AGBank has been an IFC investment client
since 1998. In 2005, the Bank joined the IFC Azerbaijan Corporate Governance
Project and received in-depth assistance to improve the bank’s corporate
Azerbaijan joined IFC in 1995. As of
September 30, 2011, IFC had a committed portfolio in Azerbaijan of $139
million. IFC supports diversification of the country’s economic base,
and sustainable growth in the non-oil economy. IFC’s banking advisory
work in Azerbaijan is partly financed by Switzerland’s Secretariat for
Economic Affairs, SECO.
IFC, a member of the World Bank Group,
is the largest global development institution focused exclusively on the
private sector. We help developing countries achieve sustainable growth
by financing investment, providing advisory services to businesses and
governments, and mobilizing capital in the international financial markets.
In fiscal 2011, amid economic uncertainty across the globe, we helped our
clients create jobs, strengthen environmental performance, and contribute
to their local communities—all while driving our investments to an all-time
high of nearly $19 billion. For more information, visit www.ifc.org.
For more information about SECO,