IFC to announce fourth pilot company
Azerbaijan, Baku, June 11 / Trend N.Ismayilova /
The International Finance Corporation (IFC) will announce the fourth pilot company to take part in the second phase of the Azerbaijan Corporate Governance Project (ACGP) this summer, IFC Project Manager Caroline Bright said.
"We are selecting new pilot campaigns and are in talks with representatives of specific sectors," she said. "The next pilot campaign will be announced in summer."
She said the IFC is ready to cooperate with different companies and does not exclude the possibility of increasing the number of participants. Six pilot banks and companies were selected in the first phase.
So far, three pilot organizations have been selected in the second phase- Turan Bank, the CredAgro non-banking credit organization and the A-Qroup insurance company.
Participation in the pilot program's second phase will be paid. Payment will depend on the work volume. The change was made to ensure loyalty to the ACGP program.
The Swiss State Secretariat for Economic Affairs (SECO) financed the second phase, allotting more than $4 million to implement the program.
No more than 10 companies will be selected during the second phase.
The corporate governance project helps to apply corporate governance standards in accordance with the rules of the Organization for Economic Cooperation and Development.
The project's official opening was held Jan. 26, 2005.
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