Azerbaijan, Baku, May 5 / Trend , N.Ismayilova/
The International Finance Corporation (IFC) will announce all pilot companies selected for the second phase of the program on technical assistance in applying modern standards of corporate governance to Azerbaijan (ACGP) and will implement the project in May, head of the IFC project Caroline Bright said on May 5.
"At present the IFC is finishing interior procedures connected with the project and beginning of the first pilot project and 5 more companies selected by the corporation will be announced in May," Bright said.
Earlier she said all companies will be representatives of the private sector. They will include banks, insurance companies, micro financing organizations and companies of the real sector. Cost of the project will depend on companies and volume of work which is necessary to be conducted. This program is paid and its cost is assessed individually for each company.
Participation in the pilot program of the first phase was free of charge unlike the second project. This change is necessary to provide loyalty of private companies' and banks' participation in the ACGP program.
The State Secretariat for Economic Affairs of Switzerland (Seco) will finance the second phase and allotted over $4 million to implement it.
Roughly 10 companies have been selected s part of the second phase, because one of priorities will include not only number but also quality, respectively a vital result can be achieved with a great number of companies. Six bank and companies were selected at the first phase.
The project assists the introduction of corporate governance standards of corporate governance in accordance with the rules of the Organization for Economic Cooperation and Development (OECD).
The official opening of the project, initiated by IFC and funded by the Swiss State Secretariat for Economic Affairs SECO, was held on Jan. 26, 2005. The implementation of project's first phase was designed for three years with a budget of $2.1 million.
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