Baku, July 17, 2007 — IFC, the
private sector arm of the World Bank Group, has selected Azerbaijan Credit
Bank Open Joint Stock Company to participate in its corporate governance
program. The program will assess the bank’s current practices, provide
consultations on good governance, help align corporate documents with best
practices, and assist in preparing transparent financial reports.
“Azerbaijan Credit Bank has demonstrated
a commitment to good governance. It has developed and adopted bylaws that
regulate corporate governance, as well as created all of the committees
required by the National Bank Corporate Governance regulation. We look
forward to working with the bank’s management to improve its systems and
practices,” said Charles Travis Canfield, Manager of the IFC Azerbaijan
Corporate Governance Project.
Since Azerbaijan Credit Bank was established
in December 2005, its management has attended seminars and other events
held by IFC’s corporate governance project in the country. To date,
it has had several consultations and workshops that have helped update
its organizational structure and reporting lines. The bank’s senior management
has expressed interest in further improving its corporate governance, and
ensures IFC that it will work toward implementing international best practices.
IFC, a member of the World Bank Group,
fosters sustainable economic growth in developing countries by financing
private sector investment, mobilizing capital in the international financial
markets, and providing advisory services to businesses and governments.
IFC’s vision is that poor people have the opportunity to escape poverty
and improve their lives. In FY06, IFC committed $8.3 billion, including
syndications, to 284 investments in 66 developing countries. For more information,
please visit www.ifc.org.
The Azerbaijan Corporate Governance
Project was implemented by IFC, with financial support from the State Secretariat
for Economic Affairs of Switzerland. When the pilot program was launched
in October 2005, it selected five companies: Azerbaijan Credit Bank,
Azerigazbank, AZEL, Davachi Broyler, and Mugan Bank. The project is accepting
applications and encourages Azerbaijani joint-stock companies and banks
that are interested in improving their corporate governance practices to
apply for participation in the program. For more information, please visit
The State Secretariat for Economic Affairs
is the Swiss Confederation's competence center for all the core issues
related to economic policy. Its aim is to create basic regulatory and economic
policy conditions to enable business to flourish and benefit all. SECO
also represents Switzerland in the large multilateral trade organizations
and international negotiations, and is involved in efforts to reduce poverty
and help developing countries with transition economies build sustainable
democratic societies and viable market economies. Each year, Switzerland
spends about 1.9 billion francs on development cooperation and transition
assistance to countries.