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IFC Helps Improve Corporate Governance Practices in Azerbaijan’s Petrochemical Sector


In Baku:
Rasmina Gurbatova
Phone: (+99412) 497-7698 (416)
E-mail:
RGurbatova@ifc.org


Baku, Azerbaijan, June 22, 2010—IFC, a member of the World Bank Group, is partnering with Azerbaijan Methanol Company to improve the company’s governance practices, providing advice that will help establish good corporate governance in a key sector of Azerbaijan’s economy, the petrochemical industry.

AzMeCo was founded in 2007 as a methanol producer.  IFC will assess the company’s corporate governance standards and develop a tailored improvement plan to align it with international best practices.  The Swiss government is supporting the project through its State Secretariat for Economic Affairs.

“Our work with IFC is a significant step forward that will help AzMeCo achieve its ambitious plans by implementing an appropriate corporate governance system,” said Nasib Piriyev, AzMeCo CEO.  “This partnership will stimulate new initiatives and reinforce AzMeCo’s commitment to the continuous improvement and development of its personnel.”


IFC will advise and train the company’s directors, managers, and key shareholders.  IFC also will help revise corporate documents, improve financial reporting and information disclosure and internal control and audit functions.  

 
“IFC is pleased to cooperate with AzMeCo, as this project is an important step in the development of Azerbaijan’s petrochemical industry,” said Caroline Bright, IFC Project Manager for the Azerbaijan Corporate Governance Project.  “It is essential that such a significant Azerbaijani company has good corporate governance to ensure its long-term sustainability, strengthen its internal processes, and facilitate access to finance in future.”

IFC, through its 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, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing capital for private enterprise, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $14.5 billion in fiscal 2009, helping channel capital into developing countries during the financial crisis. For more information, visit www.ifc.org.

About the State Secretariat for Economic Affairs
SECO is responsible for economic and trade policy measures within Switzerland’s development cooperation and transition assistance. It aims to integrate partner countries into the global economy and to promote the sustainable economic growth of these countries, thus contributing to poverty reduction. Priorities include promoting stable economic conditions, strengthening competitiveness, supporting trade diversification, mobilizing domestic and foreign investment, and improving basic infrastructure. Each year, Switzerland spends over $2 billion on official development assistance. For more information, visit www.seco-cooperation.admin.ch.