Azernews.Az

By Nigar Abbasova

Azerbaijan, which seeks to diversify its economy, placed a huge emphasis on the development of its non-oil sector, and International Finance Corporation (IFC), is ready to render its assistance in this regards, said Aliya Azimova, IFC’s country representative in Azerbaijan.

“The country has already entered a new post-oil era, and certain measures are being implemented in the country to stipulate for the development of non-oil and private sectors of the country. We will continue to render our support in this regard,” she said.

The head of the sector at the Presidential Administration, Elkhan Mikayilov in turn said that the country is engaged in the creation of a new economic model.

“The creation of the economic model will lead to the increase of competitiveness of our economy, which in turn will allow us to create new competitive enterprises and produce competitive products”

IFC’s focus is on supporting the economic competitiveness agenda of the World Bank Group's Country Partnership Framework 2015-2020 for Azerbaijan, strengthening initiatives to increase access to finance for businesses and improve the business environment.

A joint mission of the World Bank (WB) and International Finance Corporation (IFC) is visiting Azerbaijan on September 5-9 to update the indicators of the country in Doing Business report.

The latest report of the WB and IFC Doing Business -2016 was released last year, and included 189 countries. Azerbaijan took 63rd place in the ranking with 67.8 points out of a possible 100.

Azerbaijan became a member of IFC in 1995.

--

Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova

Follow us on Twitter @AzerNewsAz