Till the end of 2007 the International Finance Corporation (IFC) plans to create an innovation organization in Azerbaijan to support the service companies working in the oil sector of the country, Trend reports.
The IFC Regional Director for Countries of Central Asia and Eastern Europe, Shahbaz Mavaddad, said that the new organization aims to credit small and medium enterprises. Financing will be made via IFC bank-partner. Discussions over the selection of the bank are continuing.
According to Mavaddad, presently the scheme of financing the service companies in the oil sector is being worked out. The gross budget of the innovation organization amounts to $15 mln.