ECONOMY


Azerbaijan, IFC sign agreements and MoUs on cooperation

Baku, May 8 AZERTAC

The Government of Azerbaijan and the International Finance Corporation (IFC) have signed three cooperation agreements and three memorandums of understanding (MoUs) on the implementation of the Azerbaijan Investment Climate and Agribusiness Competitiveness project.

Addressing the signing ceremony, Azerbaijan’s First Deputy Prime Minister Yagub Eyyubov said that the measures on the implementation of the agreements and MoUs on cooperation will be completed by the end of 2020. He mentioned that the Azerbaijan Investment Climate and Agribusiness Competitiveness project will be funded by the Swiss State Secretariat for Economic Affairs and the Austrian Ministry of Finance.

Deputy Regional Director of the Swiss Cooperation Office for the South Caucasus Simone Haeberli emphasized that a sound business environment and a conducive investment climate are key to private sector development and economic growth. “At this stage of the ongoing reform process, we are witnessing that the private sector development is a top priority for Azerbaijan and it enjoys full support of the country’s leadership. Switzerland stands ready to further support the Azerbaijani government in its efforts to develop a new economic model,” she added.

The agreements aim to help further streamline licensing and inspections regulations, support the government in developing an investment policy and promotion framework and implementing a national FDI strategy. The project will also help address challenges in the agribusiness sector—an important source of jobs and key to boosting non-oil growth.

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