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Economy Ministry, IFC mull strengthening co-op

25 June 2021 18:09 (UTC+04:00)
Economy Ministry, IFC mull strengthening co-op

By Ayya Lmahamad

Azerbaijan’s Energy Ministry and the International Finance Corporation have discussed cooperation in the field of Azerbaijan’s socio-economic development.

During the meeting held between Minister Mikayil Jabbarov and IFC’s Regional Director for Europe and Central Asia Wiebke Schloemer held on June 24, the sides discussed cooperation prospects, increasing the role of the private sector in the economy and expanding investment advisory services to promote public-private partnerships.

Jabbarov emphasized the importance of cooperation with financial institutions, including the IFC, and praised the organization for its financial and technical support.

Furthermore, it was noted that the project "Improvement of the business environment in Azerbaijan" implemented jointly with the economy ministry has been successfully completed. Meanwhile, the implementation of "Investment climate and competitiveness in agribusiness" and other projects in Azerbaijan continues.

In turn, Schloemer spoke about the current state of cooperation with Azerbaijan and IFC as well as projects and initiatives in priority areas. In addition, the regional director shared views on expanding relations between the organization and Azerbaijan.

Opportunities for deepening the partnership between Azerbaijan and IFC in the field of investment advisory services, the implementation of the Country Private Sector Diagnostic Framework Document and other issues of mutual interest were discussed during the meeting.

The International Finance Corporation’s new regional manager for the Caucasus Ivana Duarte also attended the meeting.

Azerbaijan became a member of the IFC in 1995. Since then, IFC has implemented a range of advisory projects aimed at encouraging private sector growth and provided $250 million for the Baku-Tbilisi-Ceyhan pipeline.

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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad

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