Baku, Azerbaijan, August 15, 2007—IFC,
a member of the World Bank Group, today signed an agreement to provide
a long-term financing package to Azerbaijan Electronics JSC, known as Azel.
The investment will help the company expand its consumer electronics operations
and broaden its technology services to meet the growing demand from corporate
clients and individual consumers.
The investment underscores IFC’s strategy in Azerbaijan to support small
and medium businesses, as well as its commitment to contribute to private
sector development in the region. Azel, the country’s leading systems
integration provider, plans to use IFC’s $2.7 million investment for multiple
purposes, including the purchase and renovation of a headquarters facility
in Baku and the addition of two new stores to its retail network.
“IFC’s investment will enable us to continue providing top quality IT
services to our corporate and retail customers under a new and stimulating
business environment,” said Igor Yakovenko, President of Azel “We
see our partnership as a long-term relationship that would groom us to
be a regional leader in the sector” he added.
“One of the main pillars of our strategy in Azerbaijan is to foster sustainable
growth of the private sector with a special focus on small and medium businesses
across various sectors. Emerging, dynamic private entrepreneurs and diversification
into non-oil related sectors are important to sustain Azerbaijan’s economic
development,” said Shahbaz Mavaddat, IFC Director for Southern Europe
and Central Asia.
“Azel’s growth will elevate the entire electronics retailing sector
to more modern standards,” said Dimitris Tsitsiragos, IFC Director for
Global Manufacturing and Services. “With our help, the company will also
focus on improving its corporate governance 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 loan participations, to 284 investments
in 66 developing countries. For more information, please visit www.ifc.org.
About Azerbaijan Electronics JSC:
Azerbaijan Electronics JSC (Azel) is one of the most successful information
technology systems integration companies and computer and electronic product
suppliers in Azerbaijan. The company’s main clientele is Azerbaijan’s
corporate sector. Its main lines of business include information technology,
computers and systems assembly, electronic goods retail. service,
software development, and computer assembly.