BAKU, Azerbaijan, May 7
By Leman Zeynalova – Trend:
The International Finance Corporation (IFC) has been supporting Azerbaijan private sector for over 25 years, investing around $850 million, out of which $100 million supported trade and $250 million the Baku-Tbilisi-Ceyhan pipeline,” Wiebke Schloemer, IFC Director for Europe and Central Asia, toldTrend.
“For a sustainable and inclusive economy, IFC leverages the private sector’s power to help diversify Azerbaijan’s economy, create jobs, and boost growth. IFC has been supporting the country’s private sector for over 25 years, investing close to half a billion USD, including mobilizing funds from other lenders, in various sectors such as tourism, retail, processing, oil and gas, banking, and micro, small, and medium enterprises (MSMEs). In addition, IFC has supported around $100 million in trade through its trade finance program and provided $250 million for the Baku-Tbilisi-Ceyhan pipeline,” she said.
Schloemer noted that providing advice is a critical part of IFC’s strategy to create markets and mobilize private investment.
“Through this work, we help establish the necessary conditions that will attract private capital, enabling the private sector to grow. For many years, IFC’s investments in Azerbaijan have been complemented by a range of advisory projects, thereby building capacity within the banking sector in various areas, including on-lending to MSMEs; supporting the development of financial market infrastructure; promoting good corporate governance and improving business environment.
IFC has helped Azerbaijan implement a series of regulatory reforms. This has allowed more small businesses in the country to register through a one-stop shop for business registration, to obtain licenses and permits, and access credit,” noted the IFC director.
Schloemer recalled that the State Oil Fund of the Republic of Azerbaijan (SOFAZ), Azerbaijan’s sovereign wealth fund, has committed $350 million to three funds managed by the IFC Asset Management Company. “Through this cooperation, SOFAZ can steward Azerbaijan’s oil wealth to benefit future generations in Azerbaijan and support development in emerging markets.’
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