Baku, Azerbaijan, October 3, 2014—IFC,
a member of the World Bank Group, together with the Central Bank of Azerbaijan
and the Azerbaijan Bank Training Center, held a forum today promoting good
corporate governance practices to boost investment and growth for Azerbaijani
The Corporate Governance Forum in Baku, organized by IFC’s Corporate Governance
Program in Europe and Central Asia and supported with funds from the Swiss
State Secretariat for Economic Affairs (SECO), gathered representatives
from Azerbaijani businesses and government to discuss the benefits and
challenges of implementing best corporate governance practices.
Good corporate governance can enhance performance, competitiveness, and
profitability, helping companies expand sustainably while attracting much-needed
capital, investment, and partnerships.
“Enhancing corporate governance practices can help companies get better
access to finance and boost economic growth for the country as a whole,”
said Rashad Orujov, General Director of the Central Bank of Azerbaijan.
Javanshir Abdullayev, Director of the Azerbaijan Bank Training Center,
said: “Good corporate governance practices can bring real benefits to
Azerbaijan’s companies and financial institutions, allowing them to progress
and achieve their long-term goals.”
“Today’s forum was another opportunity for IFC, a recognized global leader
in the promotion of corporate governance standards, to share success stories
that show the benefits of those standards for the private sector,” said
Aliya Azimova, IFC Country Representative in Azerbaijan. “We hope that
Azerbaijani companies will apply the recommendations and realize the huge
benefits from doing so.”
The Republic of Azerbaijan became a member of IFC in 1995. Since then,
IFC has invested more than $414 million in the country and mobilized $73
million from other lenders, as well as implementing several advisory projects
focused on private sector development.
For more information on IFC and corporate governance, visit www.ifc.org/corporategovernance.
IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector. Working with private
enterprises in about 100 countries, we use our capital, expertise, and
influence to help eliminate extreme poverty and boost shared prosperity.
In FY14, we provided more than $22 billion in financing to improve lives
in developing countries and tackle the most urgent challenges of development.
For more information, visit www.ifc.org.
For more information about SECO, please visit: