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
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
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.