IFC reveals goals of supporting investment reforms in Azerbaijan (Exclusive)
Baku, Azerbaijan, Mar. 3
By Anvar Mammadov - Trend:
The International Finance Corporation (IFC), just like the World Bank (WB) Group in general, will continue to support reforms in Azerbaijan in order to attract foreign direct investments (FDI) to the non-oil sector of the country, Jan van Bilsen, IFC regional manager for the South Caucasus, said in an interview with Trend and Azernews.
"For many years, IFC’s investments have been complemented by a range of advisory projects aiming to support private sector growth," he said. "These projects have supported investment climate reforms, helped build capacity within the banking sector in various areas, including on-lending to MSMEs, supported the development of financial market infrastructure and promoted good corporate governance. In response to increased government efforts to improve the business-enabling environment and make the country more attractive for FDI in the non-oil sector, IFC and the WB Group aim to continue supporting investment climate reforms."
He said that the IFC is also committed to supporting the government in structuring pilot public-private partnership projects (PPP).
"We can help attract private investment through PPP transaction advisory support, as well as structure pre- and post-privatization investments, offering our vast global experience in structuring PPP projects in various sectors," he noted.
"It is also important to continue reforms aimed at improving trade and the investment climate to better integrate Azerbaijan into global value chains," he said. "This includes creating a level playing field for all investors, simplifying the regulatory framework, and deepening tax, judicial and financial sector reforms."
Azerbaijan became an IFC member in 1995. Since the beginning of cooperation, the IFC has allocated $473 million for projects in Azerbaijan that cover financial services, infrastructure and production.