Baku, Azerbaijan, December 21, 2011
—IFC, a member of the World Bank Group, will help the Ministry of Economic Development of Azerbaijan to develop a corporate governance scorecard to enable companies, investors and regulators to systematically assess the level of corporate governance in Azerbaijan, boosting investor confidence and helping attract foreign investment.
The scorecard will be based on the Azerbaijani National Corporate Governance Standards approved by the Ministry in January 2011 and developed with support from the IFC Azerbaijan Corporate Governance Project.
“We understand the importance of the scorecard as a tool to protect investor rights and ensure transparent and effective governance systems,” said Anar Hajizade, head of the corporate governance division of Azerbaijan’s Ministry of Economic Development.
The IFC Azerbaijan Corporate Governance Project is being implemented in partnership with Switzerland’s State Secretariat for Economic Affairs, SECO. The project helps companies and banks in Azerbaijan improve corporate governance, strengthen operational capacity, and attract investment.
“The use of scorecards is essential for many countries in implementing best corporate governance practices,” said Christian Strenger, Deputy Chair of the Global Corporate Governance Forum Private Sector Advisory Group. “Effective introduction of the scorecard in Azerbaijan will support the efforts of the government and business community to further strengthen the country’s business climate.”
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.
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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