Baku, Azerbaijan, Sept.23
By Leman Zeynalova – Trend:
The International Finance Corporation (IFC) continues to explore opportunities for direct investments to private sector companies in the country, Wiebke Schloemer, Regional Director, Europe and Central Asia, IFC said in an interview with Trend.
“Our country partnership framework, which covers fiscal years 2016-2020, sets out the World Bank Group’s strategy in Azerbaijan, to help the country on its path toward sustainable, inclusive, and private sector-led growth. To increase the role of the private sector, IFC works with Azerbaijan’s government to make it easier for companies to do business and invest in Azerbaijan’s non-oil economy. We support the government by bringing international expertise into the country in the areas of business regulation and investment policy and promotion, and we help enhance the competitiveness of the agricultural sector, a key source of jobs,” she said.
Schloemer pointed out that IFC is also helping to streamline regulations and modernize the national food safety management system through the World Bank Group’s Azerbaijan Investment Climate and Agribusiness Competitiveness project, which is implemented by IFC and supported by SECO and Austria’s Ministry of Finance.
“Separately, our Electronic and Digital Financial Services project works to help boost financial inclusion by improving access to digital financial services for individuals and smaller businesses, helping them grow and create jobs. The work includes help in introducing modern e-banking services in the country. That will improve access to financial services for customers who find it difficult to access branch-based services, through the development of a legislative and regulatory base. It will also provide institutional and market support to help build an ecosystem conducive to the digitization of financial services,” noted the regional director.
She pointed out that IFC has been investing in Azerbaijan for over two decades and we continue to explore opportunities for direct investments to private sector companies in the country, as well as to financial institutions for on-lending to small and medium enterprises.
“Finally, IFC is committed to supporting the government in structuring pilot public-private partnership projects. 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,” said the regional director.
She noted that separately, the State Oil Fund (SOFAZ) partnered with IFC in 2013 and has committed $350 million to three funds managed by the IFC Asset Management Company.
“SOFAZ was the first investor from an emerging market to invest in funds managed by the IFC Asset Management Company. For IFC, working with responsible and visionary investors is crucial. Through mobilization, we can increase the impact we have, expanding our efforts to reduce poverty, create jobs, and tackle climate change. SOFAZ is one of those investors which shows leadership in their commitment to this goal and by dedicating their 20th anniversary to impact investment confirms this allegiance. We value this partnership with SOFAZ and Azerbaijan and look forward to continuing and expanding it,” added Schloemer.
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