IFC invests $500M in Azerbaijani private sector

IFC invests $500M in Azerbaijani private sector

Baku, Azerbaijan, May 8

By Kheyraddin Nasirzade – Trend:

The International Finance Corporation (IFC) has been supporting the Azerbaijani private sector for over 20 years and has invested $500 million within this period, IFC Chief Regional Manager for the South Caucasus and Russia Jan van Bilsen told Trend.

Bilsen said that the investments worth $350 million were directed for trade financing. “The investments were also made in the Baku-Tbilisi-Ceyhan pipeline,” he added.

Bilsen stressed that the analysis of the recent economic processes observed in Azerbaijan testifies to the need for a bigger focus on the private sector rather than on natural resources.

“In particular, the project entitled "Formation of the investment environment and competition in agribusiness" was launched to increase the competition in the Azerbaijani agribusiness through IFC’s organizational support and financial assistance from the Swiss State Secretariat for Economic Affairs (SECO) and the Austrian Ministry of Finance,” he said.

“This is an important step to maintain the development of the business environment and competition in the Azerbaijani agribusiness sector, which ultimately will have a positive impact on the development of the non-oil sector as a whole,” Bilsen noted.

He emphasized that by expanding economic development, Azerbaijan has more focused on the development of small and medium-sized businesses, which is in line with the regional plans of the World Bank (WB).

At the same time, Bilsen stressed the necessity to create equal conditions for all entrepreneurs of small and medium-sized businesses, which is an important component in shaping the business environment.

“The recent reforms carried out in Azerbaijan in the field of ​​private sector regulation have yielded results, which has been outlined in the WB Doing Business 2019 report, where Azerbaijan ranks 25th,” he said. “Having carried out reforms in eight out of ten categories, Azerbaijan ranked first in the report in terms of the number of the conducted reforms.”

“The three-year project on the investment environment and competition in the agribusiness sector describes Azerbaijan as a loyal and reliable partner,” Bilsen added. “In turn, IFC will support all the efforts of Azerbaijan, which has great potential.”

He continued by saying that the corporation recommends to create an effective system based on checking and monitoring all the risks of the companies, which will lead to the improvement of inspection systems and regulatory impact assessment.

“The country’s agribusiness will receive advanced experience in the field of competition, which will reduce administrative and budgetary expenses,” Bilsen commented. “At the same time, this will create the conditions for maintaining public interest in this sphere and equal conditions for entrepreneurs.”

In his words, this project will further contribute to the flow of investments into the country, in particular, in the non-oil sector. The project will also help to improve the legal and administrative framework.

“This project is aimed at the development of agribusiness due to the big agricultural potential of Azerbaijan, which is intensively developing the export-oriented agricultural sector,” Bilsen said. “As a result of the implementation of this project, the competitiveness of Azerbaijani agricultural products will be improved. In this regard, it is necessary to eliminate current problems, improve regulation and the food safety system, which will lead to the creation of new job places.”

Bilsen said that, as the share of agriculture comprises 40 percent of Azerbaijan’s economy, IFC intends to fully support Azerbaijan for revealing its agricultural potential. According to him, the reforms have been carried out in Azerbaijan within the existing cooperation, and IFC is ready to contribute to the improvement of indicators and render support for the development of the country.


Follow the author on Twitter: @1nasirzade

Subscribe to Trend in Google News! Subscribe
Body of another Armenian serviceman found in Azerbaijan's Khojavand
Body of another Armenian serviceman found in Azerbaijan's Khojavand
Putin informs Erdogan on main results of Sochi trilateral meeting
Putin informs Erdogan on main results of Sochi trilateral meeting
Georgia ready to become platform for trilateral dialogue with Azerbaijan, Armenia - FM
Georgia ready to become platform for trilateral dialogue with Azerbaijan, Armenia - FM
Loading Bars
Israel reports outbreak of bird flu at southern farm
Death toll from Java volcanic eruption rises to 22
IOC respects US’ decision to boycott upcoming Beijing Olympics
Mixing Pfizer, AstraZ COVID-19 shots with Moderna gives better immune response -UK study
France extends mask mandate in schools, orders nightclubs to close
UN chief names US diplomat Stephanie Williams to run Libya mediation
Iran ready for resultative talks on nuclear deal - top diplomat
Israel reports 10 new cases of Omicron variant
New York mayor plans vaccination mandate for private-sector employers
Russia, India to expand energy cooperation, says statement
IRICA reveals data on Iran’s trade turnover with ECO member states
Raisi: Iran welcomes development of ties with UAE
Uzbekistan, Kazakhstan identify priority issues for cooperation
Saakashvili: reconciliation is the best option for everyone
Azerbaijan sends 100,000 vaccines to Burkina Faso
US announces diplomatic boycott of 2022 Beijing Olympics
Azerbaijani FM, US Assistant Secretary of State discuss latest situation in region
Armenia seen that, whole world seen that, no-one has been able to stop us - President Ilham Aliyev
Israel lifts tariffs on dairy imports to cut prices
Young grew up who did not see Karabakh, they liberated Karabakh at cost of their lives – President Ilham Aliyev (VIDEO)
Azerbaijani Minister of Youth and Sports talks about appointment of new deputy minister
I tell them to give us date of when Zangazur corridor will be opened - President Ilham Aliyev to Armenia (VIDEO)
Azerbaijan discloses volume of oil exported to Turkey in 10M2021
Azerbaijani deputy defense minister leaves for Moscow
Forecast of Azerbaijani State Oil Fund’s total management costs for 2022 revealed
Turkmenistan approves anti-crisis program for 2022
Volume of cargo shipment via Turkish ports from Morocco for 10M2021 revealed
Ministry shares data on volume of cargo shipment via Turkish ports from Belgium for 10M2021
Volume of cargo shipment via Turkish ports from China for 10M2021 unveiled
Turkey discloses volume of cargo shipment via its ports from Germany for 10M2021
Cost of goods transported via sea up in Azerbaijan
President Ilham Aliyev, First Lady Mehriban Aliyeva visit monument to national leader Heydar Aliyev in Guba (PHOTO/VIDEO)
SOFAZ asset management revenue forecast for 2022 unveiled
Iran's Energy Exchange announces products to be on sale on December 7
Azerbaijan is creating social zone in industrial park of liberated Jabrayil district- ministry
Turkmenistan continues oil prospecting work on Cheleken peninsula
Uzbekistan shares data on import of potatoes in 10M2021
Price indexes of construction, trade sectors at Uzbek stock exchange fall
Galt & Taggart shares data on Georgia’s bonds on London Stock Exchange
Uzbekistan unveils volume of exports and imports
Georgia’s persimmon exports continue to increase
Russia remains main importer of Georgia’s tangerines
Uzbekistan reveals volume of tomato exports for 10M2021
Uzbek Statistics Committee shares data on foreign trade turnover
Kazakhstan’s oil and gas company opens tender to supply electric pump
Turkey discloses volume of cargo shipment via its ports from Albania for 10M2021
Eurostat reveals data on Czechia's import of petroleum oils from Azerbaijan
Vegetable pathogen detected in batch of pepper imported to Azerbaijan
Kazakhstan’s National Bank discloses inflation expectations
Turkmenistan talks demand on local aviation, lighting kerosene among foreign clients
Azerbaijan Academy of Sciences talks demographic indicators of Karabakh, East Zangazur
Kazakhstan talks forecasted growth level of GDP for late 2021
All 6 Israel policymakers voted to keep key rate at 0.1%
Iran reaches increase in load/unloaded operations at Amirabad port
Azerbaijan shares data on number of vaccinated citizens
Azerbaijan confirms 585 more COVID-19 cases, 944 recoveries
Iran's Bahar Azadi gold coin price continues to rise full speed
Eni Turkmenistan Ltd to purchase spare parts for pumps via tender
Azerbaijan talks 4G network coverage in liberated territories
Iran’s Nakhlak Lead Mining Complex boosts production
Kazakh-Chinese bitumen plant opens tender for vehicles rent
Act of amnesty covers 16 foreign citizens in Azerbaijan
Tesla did not want to wait on EU aid - German economy minister
Austrian President swears in Karl Nehammer as new Chancellor
Iran’s CBI general director talks foreign currency exchange activity data
Unemployment in Israel fell sharply in November
Oil and gas production dep’t of Turkmenistan’s Turkmennebit SC exceeds production plan
Volume of natural gas transportation via Serbian-Hungarian interconnector revealed
Field rearranging underway on Serbian-Hungarian gas interconnector route
Iran not to follow 'plan B' while in Vienna nuclear talks - FM
Georgian business sector sees increase in turnover
Kazakh National Bank announces its decision for base rate
Kazakhstan reveals GDP growth in 10M2021
Azerbaijan working on flight recorder of crashed helicopter - Prosecutor General's Office
UK to block poor-performing companies from winning public work
Croatia confirms its first two cases of COVID-19 Omicron variant
Balacans Agro Food LLC, Azerbaijan Investment Company sign agreement (PHOTO)
Azerbaijan to consider joining int'l documents on intellectual property protection
Oil majors to mitigate demand fluctuation with digital twins
SOFAZ sees significant increase in Shah Deniz revenues
Azerbaijan shares data on number of freed convicts as part of act of amnesty
Annual inflation rate slightly slows down in Kazakhstan
SOFAZ discloses revenues from Azeri-Chirag-Gunashli
Azerbaijan shares data on number of people covered by Act of Amnesty so far
TBC Capital publishes Georgia’s weekly economic review
Oil rebounds above $71 on Omicron hopes, Iran talks
President Ilham Aliyev, First Lady Mehriban Aliyeva meet with residents of Gonagkand settlement (PHOTO/VIDEO)
Israeli firm to sell HSBC Tower in New York for $855 million
Iran reveals COVID-19 data for December 6
President Ilham Aliyev, First Lady Mehriban Aliyeva view conditions created at secondary school № 1 in Guba (PHOTO/VIDEO)
President Ilham Aliyev, First Lady Mehriban Aliyeva attend opening of Guba Abad Factory enterprise (PHOTO/VIDEO)
President Ilham Aliyev inaugurates Guba-Gonagkand highway (PHOTO/VIDEO)
President Ilham Aliyev and First Lady Mehriban Aliyeva view conditions created at Guba Olympic Sports Complex (PHOTO/VIDEO)
Crisis center discloses 32,136 new coronavirus cases in Russia over past 24 hours
Chevron to expand investments in Kazakhstan’s Tengiz field dev't
Famous scientist talks about significance of victory in Azerbaijan’s Karabakh (PHOTO)
Iran shares data on cargo transportation
President Ilham Aliyev and First Lady Mehriban Aliyeva arrive in Guba district for visit (PHOTO/VIDEO)
Azerbaijan prepares bill on repatriation of people to Karabakh – state committee
Azerbaijani State Oil Fund’s estimates on oil, gas transportation revenues for 2022 unveiled
All news