IFC Launches 2nd Corporative Management Phase in Azerbaijan

Business Materials 25 June 2008 12:19 (UTC +04:00)

Azerbaijan, Baku, 25 June / Trend corr. U.Ismayilova / International Financial Corporation (IFC) has presented the second phase of the corporative management project in Azerbaijan, which has been implemented through the financial support of the Swiss State Secretariat for Economic Affairs (Seco). Seco has allocated $2.9mln to the three years project.

"The second phase differs from the fist one. Previously, the project covered only borrowers and loan receivers or companies, where international institutes purchased capital. At present, we will cooperate with private banks, insurance companies and other financial micro financing institutes," Carolyn Bright, Director of the project, said.

Bright stated that the cooperation with banks and insurance companies would decrease risks of the portfolio. Another distinction feature of the second phase is that IFC will render payment services to introduce the corporative management system.

Six pilot companies will be chosen within the framework of the project. The cost of the second phase is over $4mln.

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