IFC reveals priorities for cooperation with Azerbaijan in 2020
BAKU, Azerbaijan, Jan. 16
By Leman Zeynalova – Trend:
In 2020, the International Finance Corporation (IFC) will focus on implementation of Azerbaijan Investment Climate and Agribusiness Competitiveness project, Aliya Azimova, IFC Country Representative in Azerbaijan, told Trend.
“In 2020, we will focus on implementation of Azerbaijan Investment Climate and Agribusiness Competitiveness project, which is implemented by IFC in partnership with the State Secretariat for Economic Affairs of Switzerland SECO and the Federal Ministry of Finance of Austria. That cooperation will include transformation of the regulatory regime towards risk-based approach and finalization of inspections reforms following the adoption of the Law on Inspections, assisting the country in formulating its investment policy and promotion framework, including new legislation, strategic and institutional set ups for increased private sector investments – local and foreign – to boost private sector growth and economic diversification,” she explained.
Separately, Azimova noted that IFC Electronic and Digital Financial Services project implemented in partnership with the State Secretariat for Economic Affairs of Switzerland SECO continues to help boost financial inclusion by improving access to digital financial services for individuals and smaller businesses in areas with difficult access to branch-based banking services, helping them grow and create jobs.
“We’ve done a lot. However, much more can be done as now Azerbaijan has embarked on a new era of reforms. We know a vibrant private sector is crucial to economic growth, with firms making new investments, creating jobs, and improving productivity. While this is very much true for any country, it is particularly relevant for Azerbaijan, where creating conditions that will facilitate growth in non-oil sectors is now gaining more and more importance,” said the IFC country representative.
Azimova said IFC is glad to see the government recognizes this and is taking steps to not only diversify the economy but also have the private sector drive this diversification.
“IFC is committed to continue supporting sustainable growth and the diversification of Azerbaijan’s economy by helping to mobilize the power of the private sector,” she added.
Azerbaijan became a member of IFC in 1995.
Follow the author on Twitter:@Lyaman_Zeyn