IFC Expands Participation in Non-Oil sector of Azerbaijan

Business Materials 16 February 2007 17:37 (UTC +04:00)

Since its activities in Azerbaijan, the International Finance Corporation (IFC) invested nearly $200 mln to finance the projects in the private sector of the Country, Trend reports. The IFC Regional Director for Countries of Central Asia and Eastern Europe, Shahbaz Mavaddad, said that it is planned to expand the portfolio of investments to the economy of Azerbaijan in the future. IFC finances projects in agriculture, retail and other sectors.

Over the recent two years, the IFC has established 6 Azerbaijani banks. Presently negotiations are being held on acquisition of 10% share in the capital of Bank Respublika.