Azerbaijan, Baku, Feb.20 / Trend , N. Ismayilova / The International Finance Corporation (IFC), WB group member, completed a joint pilot project on corporative government with Azerbaijani company AZEL, senior manager of the IFC on Europe and Central Asia Thomas Thelma said at a news conference on Feb.20.
"The corporative government in the company will contribute in attracting financial resources," Thelma said.
The IFC's involvement in the project enabled AZEL to form chairman and observation councils, improve domestic audit's experience and set up a post of corporative secretary. The IFC allotted a credit line worth $2.7 million to the company.
"The IFC's investments and councils contributed in introduction of the corporative government in the company and enabled to effectively treat the resources," chairman of the AZEL observation council Igor Yakovenko said.
"The project's first phase involved six companies including AZEL. We plan to proceed to the second phase which will also include six companies," project's manager Carolina Bright said.
According to Bright, the IFC currently chooses pretenders for the second phase. The selected companies will be named soon.
The IFC launched the project of corporative government in Azerbaijan in 2005. Over 360 companies were so far involved in the project which received $8 million of investments.
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