Press Releases

IFC Selects Azerbaijan Credit Bank for Corporate Governance Program

In Baku:
Rasmina Gurbatova
Tel: +994 12 497-8981

In Washington, DC:
Andrea Engel
Tel: +1 (202) 458 1969

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.

About IFC
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

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

About SECO
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.