IFC marks 30 years of support for Azerbaijan’s economic development

The International Finance Corporation (IFC) has been supporting Azerbaijan’s development for three decades, IFC Regional Director for the Western Balkans and South Caucasus Wiebke Schloemer said in a post on her social media account, Azernews reports.

Schloemer noted that since the IFC began operating in Azerbaijan in 1995, the institution has financed around 60 projects across financial services, infrastructure, industrial production, and agribusiness.

“Our advisory work has helped strengthen the business environment, support the financial sector, improve corporate governance, and expand opportunities for small and medium-sized enterprises. Today, our activities in Azerbaijan focus on supporting economic diversification, job creation, expanding SME access to finance, increasing energy availability, and developing infrastructure that reinforces the country’s role as a regional transport hub,” she wrote.

She emphasized that these efforts are particularly important now, as they contribute to business growth, stimulate private investment, and help build a more resilient and inclusive future at a time when Azerbaijan is accelerating its transition beyond hydrocarbons. Schloemer also noted that the IFC delegation visited the Baku International Sea Trade Port, an important cargo transit hub for the wider region.

During her visit to Baku, Schloemer held productive meetings with representatives of the Ministry of Transport, the Central Bank, and the Ministry of Economy, all of whom highlighted the importance of ongoing reforms and opportunities for private-sector development.

“My meeting with representatives of Bank Respublika reaffirmed the significance of our long-term partnership, which began with SME financing in 2007–2009 and expanded further in 2023–2024. Strengthening this relationship remains a priority as the bank continues to increase its support for small businesses and climate-focused investments,” she added.