IFC: Azerbaijan managed to successfully use its natural resources for development

IFC: Azerbaijan managed to successfully use its natural resources for development
15:46 17-04-2018 | icon 21

Baku, Azerbaijan, April 17

By Azad Hasanli - Trend:

Over the past decade, Azerbaijan managed to successfully use its natural resources, Aliya Azimova, head of Baku office of the International Finance Corporation (IFC), said in Baku at an event dedicated to the establishment of the regional association of providers of credit bureaus.

She said that over these years, the poverty level has decreased in Azerbaijan, the number of middle class representatives has increased and important steps have been taken to improve the well-being of the country’s population.

However, the economic realities in the world, and in particular in Azerbaijan, are changing, and in this context the role of private sector development is growing, she added.

Azimova noted that the IFC is ready to help strengthen the private sector and fight modern challenges by attracting investments and rendering consulting services.

The role of the regional association and credit bureaus in the development of the private sector is also very high, because it will help to lower the level of shortcomings among financial institutions and other organizations, as well as increase the level of lending, she said.

“We pin high hopes on the association and we believe that it will be able to become a platform of innovations and reforms for the financial structure of the region,” she added.

Azerbaijan became an IFC member in 1995. Since the beginning of cooperation, the IFC has allocated over $500 million for projects in Azerbaijan that cover financial services, infrastructure and production.

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