IFC to back Azerbaijan's agricultural production
By Amina Nazarli
The International Finance Corporation (IFC) and Azerbaijani Agriculture Ministry (AAM) signed an agreement in Baku on December 18 to increase the country’s productivity and competitiveness in the agricultural sector.
The project is co-organized by the IFC and AAM. It is funded with Swiss State Secretariat for Economic Affairs SECO. The project is aimed at legislation improvement in the field of seed production as well as strengthening of the sector.
Addressing the meeting, Agriculture Minister Heydar Asadov said the project is aimed to increase farmers’ opportunity to acquire high-yielding varieties of plants and promote the productivity and competitiveness of the agricultural sector in the country.
The minister praised the cooperation with the IFC and expressed satisfaction with using the EU experience in this field.
Aliya Azizova, the Head of IFC in Azerbaijan said the cooperation with Azerbaijan is the main part of the IFC’s strategy. It will ensure the country’s sustainable development and will also help the country's economy branching.
She also expressed hope that the cooperation will be able to maintain the country’s balanced development by increasing productivity of the agricultural sector. Azimova also stressed that it will increase the country's competitiveness in the international arena, as well as the creation of new jobs.
Azerbaijan has been a member of IFC since 1995. During this period, the IFC has invested $ 414 million in 73 projects and attracted $ 73 million from other financial institutions in the country. In addition, IFC has implemented several advisory projects aimed at developing the private sector.