Baku, Azerbaijan, December 28, 2011—
IFC, a member of the World Bank Group, is helping Azerbaijan’s AGBank improve its risk management and non-performing loan portfolio monitoring systems, bolstering its operational efficiency and ability to expand lending to small and medium enterprises.
IFC has been providing advice to AGBank since 2009. Most recently, IFC helped AGBank introduce a stronger risk management framework and operational processes, including credit processing and credit risk management.
“Being able to manage risk effectively is vital to our bank operations,” said Chingiz Asadullayev, Chairman of AGBank’s Supervisory Board. “We are grateful to IFC’s team of experts for helping us to improve our risk management system.”
Garth Bedford, IFC Program Manager, said, “In a global environment where risk management is becoming a necessity, AGBank has taken the lead in Azerbaijan to incorporate international best practices into their operations. Improving internal risk management capacity will allow the bank to grow and support their clients with a much more robust level of security.”
AGBank has been an IFC investment client since 1998. In 2005, the Bank joined the IFC Azerbaijan Corporate Governance Project and received in-depth assistance to improve the bank’s corporate governance system.
Azerbaijan joined IFC in 1995. As of September 30, 2011, IFC had a committed portfolio in Azerbaijan of $139 million. IFC supports diversification of the country’s economic base, and sustainable growth in the non-oil economy. IFC’s banking advisory work in Azerbaijan is partly financed by Switzerland’s Secretariat for Economic Affairs, SECO.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit
www.ifc.org
.
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