Azerbaijan, Baku, June 21 / Trend N. Ismayilova /
Azerbaijani Turan Bank has successfully completed its participation in the International Finance Corporation (IFC) pilot program on corporate governance, Chairman Fuad Musayev said.
The organization has been involved in the program since 2009.
"The bank is also involved in an IFC project on financial markets governance in crisis situations," he said. "The bank has improved corporate governance and risk management through participation in these projects."
He added that using the experience and knowledge received from IFC and achieving certain results in this direction are important for the Turan Bank today. The bank intends to continue closely working with the IFC.
"We are negotiating to develop small and medium business in the country," he said. "There are a lot of new ideas. I think we will continue actively work in this area."
The Azerbaijan Corporate Governance Project (ACGP) head Caroline Bright said that Turan Bank took almost all the recommendations of the corporation, most of which are already introduced, and the rest is under implementation.
"Today, the IFC has 17 active projects," she said. "The clients on seven projects managed to attract investments over $ 14 million and we expect that by the end of implementing these projects, this amount will increase."
The consulting services were rendered to the bank within the second phase of the ACGP project, funded by the State Secretariat for Economic Cooperation of Switzerland.
The total cost exceeds $4 million. The corporate governance project promotes the implementation of corporate governance standards in accordance with the Organization for Economic Cooperation and Development.