Posted on November 20, 2011
The International Finance Corporation (IFC) has summed up the Azerbaijan Corporate Governance Project (ACGP) which contributed to the direct investments to the country in the amount of $132 million, Head of the Project Carolina Bright said during the presentation of results on Thursday.
“13 pilot companies participated in implementing the project to apply the best experience in the field of corporate governance and this enabled them to attract $126 million in investments,” Bright said. “In total, the project promoted the direct investments in the amount of $132 million by the Azerbaijani companies and banks.”
According to Bright, the project played a significant role to improve the corporate governance in 32 companies and banks. It promoted the investments in the amount of $550 million by the Azerbaijani companies in whole.
The Swiss Ambassador to Azerbaijan Sabine Ulmann Shaban said Azerbaijan is the priory country for Switzerland. The non-repayable grants to Azerbaijan’s economy from Swiss side amounted approximately $70 million.
“The State of Secretary of Switzerland on economic cooperation rendered technical assistance to implementation of the project in the country, and intends to further work in this direction in the region of Europe and Central Asia,” she said.
“The project is complete and its results will be useful for the country’s economy in the future,” Deputy Chairman of the Azerbaijani State Securities Committee Ilgar Muradov said.
The Corporate Governance Project contributes to introduce the corporate governance standards in accordance with the norms of the Organization for Economic Co-operation and Development (OECD).
The official opening ceremony of the project which is initiated by the International Finance Corporation and financed by Seco, was held on Jan. 26, 2005. The implementation of the first phase of the project was designed for three years with the budget of $2.2 million. Seco allocated more than $4 million to finance the second phase of the project.