Commission on Business Environment and International Ratings and International Finance Corporation (IFC) signed a Memorandum of Understanding (MoU)

Three Cooperation Agreements and three Memorandums of Understanding (MoUs) were signed between the Government of Azerbaijan and the International Finance Corporation (IFC) on the implementation of the Azerbaijan Investment Climate and Agribusiness Competitiveness Project. During the event, First Deputy Prime Minister of the Republic of Azerbaijan Yagub Eyyubov said that the measures on the implementation of the Agreements and MoUs, which are part of the Project, are planned to be completed by the end of 2020. He said these measures will be financed by the Swiss State Secretariat for Economic Affairs (SECO) and the Austrian Ministry of Finance. By the President`s instruction for delivering to a new stage and expansion of the cooperation with the International Finance Corporation (IFC), a special Working Group representing relevant government agencies and IFC has been established within the Commission on Business Environment and International Ratings within the framework of the comprehensive measures to further increase the business environment efficiency, in particular to develop free competition and increase transparency in this area.

Simon Haberle, Deputy Regional Director of the Swiss Cooperation Office in the South Caucasus, noted that a healthy business environment and favorable investment conditions are key conditions for the development of the private sector and Economic Growth: "In the current stage of ongoing reforms, we are witnessing that the development of the private sector is a key priority for Azerbaijan and takes advantage of the full support by the country's leadership. Switzerland is ready to support further efforts of the Azerbaijani government to create a new economic model.”

“To build a sustainable and steady economy, the country must benefit from new sources of growth. We are delighted with the Government's steps in this direction. Our consultancy program focuses on supporting local businesses in growth and attracting foreign investment, making regulatory norms more convenient for local and private companies. These measures help entrepreneurs to expand their activities and create more jobs," said Jan van Bilsen, IFC Senior Regional Manager for the Caucasus and the Russian Federation.

The Cooperation Agreements will help to improve the country's investment climate and promote Agribusiness Competitiveness by supporting efforts to diversify the economy and create new jobs, to simplify the procedures for licensing and inspections, as well as the framework of Investment Policy and Promotion to the government of Azerbaijan and to implement the policy of attracting foreign direct investment.

 

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