Azerbaijan, Baku, May 26 / Trend , N.Ismayilova/
International Finance Corporation (IFC), a member of the World Bank Group, and BP training program for the development of enterprises (EDTP) conducted a workshop for 25 companies and suppliers of goods and services in the oil and gas sector of Azerbaijan to improve corporate governance and risk management systems, Head of IFC Project Caroline Bright said on May 26.
The workshop on "Risk management and support of development" has been organized by IFC as part of the Azerbaijan corporate development project (AGCP).
Bright said it is necessary to apply strategic risk management system, to enterprises and generally, management principles of efficient competition faced by local companies, as well as to ensure its further development under the global financial crisis.
The corporate governance project assists in applying corporate governance standards in accordance with the rules of the Organization for Economic Cooperation and Development (OECD).
Official opening of the project, initiated by IFC and funded by Seco, took place on Jan. 26, 2005. The first phase of the project will be implemented for three years with a budget of $2.1 million.
So far, as part of the project, educational programs have been organized for more than 390 banks and companies that helped to attract investment worth over $18 million.
Do you have any feedback? Contact our journalist at: [email protected]