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IFC Strengthens Corporate Governance Practices in Azerbaijan, Improving Investment Climate


In Baku:
Rasmina Gurbatova
Phone: +99412 497 7698
E-mail:
RGurbatova@ifc.org


Baku, Azerbaijan, February 2, 2010—IFC, a member of the World Bank Group, is conducting workshops to help private service companies in Azerbaijan develop corporate governance knowledge to pass on to their clients, which in turn will be better able to attract investment.

IFC’s Corporate Governance Methodology Workshops employ a comprehensive set of practical tools, including case studies.  

"This training is building local expertise in corporate governance, which is essential for companies to be able to grow sustainably, operate efficiently and remain competitive,” said Caroline Bright, Project Manager for IFC’s Corporate Governance Project in Azerbaijan. “Good corporate governance practices help companies access investment, build trust and improve operational effectiveness. We look forward to seeing the participants’ clients enhance their corporate governance practices and reap the benefits."  

A recent workshop gathered 13 representatives from nine management consulting firms, law firms, accounting firms and other professional entities. Participants gave very positive feedback on the session.

“We really appreciate this training opportunity provided by IFC, and look forward to more training like this in the future,” said Rufat Mahmud, Executive Director of Azerbaijan Risk Professionals’ Association.

Since Azerbaijan joined IFC in 1995, IFC has committed over $340 million of its own funds and arranged nearly $104 million in syndications. IFC’s Azerbaijan Corporate Governance Project has been helping local companies and banks enhance their operations and increase their ability to attract financing and investment since 2005.

About IFC

IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. We create opportunity for people to escape poverty and improve their lives. We do so by providing financing to help businesses employ more people and supply essential services, by mobilizing capital from others, and by delivering advisory services to ensure sustainable development. In a time of global economic uncertainty, our new investments climbed to a record $18 billion in fiscal 2010. For more information, visit www.ifc.org.