Foreign donors to further support corporate governance project in Azerbaijan

He said the implementation of the second phase will commence in late January-early February  and cover the next three years-2008-2010.

"We  intend to raise the number of pilot organizations  to 8 within the framework of the new phase", T. Meyer reported.

The ACGP manager Charles Canfield announced during the meeting that this phase unlike the previous one will also cover the state sector.

The second phase of the project envisions  activities on 5 main trends: direct assistance to companies, political reforms in legislation, cooperation with educational centers (universities, institutes), expanded work with the financial sector (banks,insurance companies) and a new trend which implies the work with investors.

Canfield noted that since the commencement of the project, its customers had attracted $17,900,000 investments and it had assisted the organizations in attracting investments in the amount of $100,000,000.

6 pilot organizations, including Azerigazbank, Devechi Broyler, AZEL, Muganbank, ADA 9trade), Azerbaijan CreditBank, have been selected within the framework of the project.

"The said organizations attracted investments in the amount of $ 88,000,000 (Azerigazbank $40,100,000, Devechi Broyler $ 14,000,000, AZEL $ 5,200,000, Muganbank $ 11,000,000, ADA $ 18,000,000", Canfield said.

He also reported that iFC is currently negotiating with the World Bank Corporate Governance Department on assistance to the work group in the improvement of Azerbaijani legislation for introduction of corporate governance standards. 

/Day.Az/