IFC working with Azerbaijan to make it easier for companies to invest in non-oil economy

Business Materials 13 February 2023 14:01 (UTC +04:00)
Laman Zeynalova
Laman Zeynalova
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BAKU, Azerbaijan, Feb.13. The International Finance Corporation (IFC) sees potential in several sectors – especially in supporting private sector participation in infrastructure in Azerbaijan, Rana Karadsheh, Regional Director of IFC for Europe, said in an exclusive interview with Trend.

“Through both investment and advice, IFC aims to help boost green growth, strengthen transport corridors and connectivity, boost financial inclusion and agriculture. To increase the role of the private sector, IFC, in partnership with the Swiss State Secretariat for Economic Affairs SECO, is working with Azerbaijan’s government to make it easier for companies to invest in the non-oil economy,” she said.

Karadsheh pointed out that most recently, with IFC’s advice, Azerbaijan adopted three laws.

“The Law on Tourism aims to introduce new methods, including market and competition-based means of regulation and quality assurance, which are expected to reduce time and cost for the private sector. In addition, the Law on Food Safety is designed to bring new concepts to control the entire food chain and modernize the national food safety management system. The Law on Investment Activity aims to provide for investment protection guarantees and is expected to contribute to attracting more investment. These changes were all built on IFC’s long-term work in Azerbaijan. Over three decades, IFC has contributed to fundamental investment reforms, including registration, inspections, licensing, and permitting systems, supporting the country with legal, institutional, and technical reforms,” the regional director said.

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