Azernews.Az

BAKU – The International Finance Corporation (IFC), a member of the World Bank Group, and Azerbaijan’s business union held a seminar on Tuesday for small business owners to help them reduce costs, manage risks, and accelerate post-crisis recovery.

The seminar, titled "Successful strategy and business models under new economic conditions", is a regional interactive training program presenting several proven methods of development and improvement of business performance. The seminar also offered the experience of Russian, Ukrainian, Romanian and other companies.

"The seminar was very useful and practical," said Emin Suleymanov, deputy head of external relations at Azerbaijan Entrepreneurs Confederation (ASK), after the one-day workshop in Baku. "I’ve learnt a lot about reducing costs and increasing efficiency during crisis. I am now equipped with tips on how businesses such as mine have survived the crisis, and I will use this theory in my daily work to make my company stronger."

IFC plans to offer more than three seminars to small business owners in Azerbaijan to improve risk-management practices and help them cope in the challenging crisis environment.

"I was delighted to see so many SMEs participate in the seminar held in Baku," said Petro Matiaszek, ECA Program Manager at IFC’s Corporate Sector Crisis Management and Recovery Program. "SMEs present one of the best opportunities for employment, economic growth, and diversification in Azerbaijan, and IFC will continue to support them, particularly those outside of Baku, through advisory services and investments."

IFC is the only international financial institution focused exclusively on the private sector, the engine of sustainable development in emerging markets. Along with the International Reconstruction and Development Bank (IBRD), it is currently seeking a capital increase to strengthen its ability to create opportunity for the poor in developing countries - including by helping companies, such as small and medium-sized businesses, in post-crises recovery.

IFC’s new investments totaled $18 billion in fiscal 2010, helping channel capital into developing countries during the financial crisis.