WB, IFC ready to support economy of Azerbaijan

By Azernews

By Nigar Abbasova

The World Bank (WB) and the International Finance Corporation (IFC) are ready to render their support to Azerbaijan in the sphere of developing private sector and encouraging investments in the country, said Yan Van Bilsen IFC’s regional manager in South Caucasus, while addressing a seminar dedicated to the investment environment on September 7.

“The WB and the IFC have broad experience in support of private sector and encouragement of investments and are ready to render support to Azerbaijan, which has already succeeded in this direction,” he said, underlining that private sector is one of the most essential elements of any economy.  

Van Bilsen also highlighted the recent reforms, which are considered as important for the further improvement of business climate and are expected to boost entrepreneurial activity in the country.

“We hail and support reforms, which are currently underway in Azerbaijan, and hope that our participation will allow to make the private sector of the country more attractive for both foreign and local investors,” he said.

Van Bilsen further  emphasized that one of the most important tasks is liquidation of possible obstacles for the flow of domestic investments, creation of equal conditions for both foreign and local investors, which it turn will lead to diversification of economy, increasing the number of working places and improving of fiscal balance of the country.

Azerbaijan is expanding its non-oil sector and seeking to stimulate business development including through private investments.

A joint mission of the World Bank (WB) and International Finance Corporation (IFC) is visiting Azerbaijan on September 5-9 to update the indicators of the country in Doing Business report.

The latest report of the WB and IFC Doing Business -2016 was released last year, and included 189 countries. Azerbaijan took 63rd place in the ranking with 67.8 points out of a possible 100.

Doing Business 2016, a World Bank Group flagship publication, measures the regulations that enhance business activity and those that constrain it, presenting indicators on business regulations that can be compared across 189 economies of the world.