IFC expects improvement of corporate governance in Azerbaijan minimum after five years
Azerbaijan, Baku, Dec. 23 / Trend , N.Ismayilova /"The Corporate Governance (CC) in Azerbaijan will be improved in the future," Anar Aliyev, the advisor on the legal issues of the International Financial Corporation (IFC) project on corporate governance in Azerbaijan, said at the Corporate governance as respond to the financial crisis workshop.
"The greatest development of corporate governance is observed in the banking sector, because the development of this sector always stands first", Aliyev said.
According to Aliyev, the introduction of corporate
governance occurs also in the insurance companies and some commercial
"The stimulus for the development of corporate governance served both creation of Azerbaijan investment company and also appearance of many other investors", said Aliyev.
According to him, the process of improvement of the corporate governance in Azerbaijan will engage more than five years, because it is determined order of procedures, which must follow not only formal requirements.
"The methodology of introduction of CC in Azerbaijan will not differ from the method of introduction of control of other countries, such as
the U.S. and Europe, but specific for these country elements will be
considered", Aliyev summed up.
The official opening of the project, initiated by IFC and financed by the Swiss State Secretariat on Economic Development Seco, took place on Jan. 26, 2005. The realisation of the first phase of project was envisaged for three years with the total budget of $2.1mln. At present, the selection of pilot companies and banks within the framework of the second phase of the project, which is financed by Seco, that allocated more than $4mln, is being carried out.
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