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 companies.
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.
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
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