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IFC Azerbaijan Corporate Governance Project selected its first pilot company

28 January 2006 [09:13] - TODAY.AZ
The International Finance Cooperation Azerbaijan Corporate Governance Project (ACGP) has selected its first pilot company - Azerigazbank Open Joint Stock Company.

According to the information given to APA from the Baku office of IFC, Azerigazbank which is one of the companies that will participate in a comprehensive program will receive an assessment of their corporate governance practices, consultations on improving corporate governance, assistance in revising corporate documents to bring them in line with best practices, and assistance in preparing transparent and meaningful financial reports.

Additionally, Azerigazbank which adopted several internal documents and by-laws regulating the bank’s corporate governance has a notable history with IFC. The bank has received two IFC SME credit lines and has benefited from two technical assistance projects mainly targeting areas such as credit policies and procedures, credit assessment, risk management, portfolio monitoring, as well as creation of sustainable SME financing function within the Bank.

It should be noted that ACGP announced its pilot program in October, 2005 and the Project is currently accepting the applications. Any Azerbaijani joint-stock company or bank which is interested in improving corporate governance practices may apply for participation in Pilot Program.

URL: http://www.today.az/news/business/22603.html

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