ECONOMY
IFC HELPS IMPROVE CORPORATE GOVERNANCE PRACTICES IN AZERBAIJAN’S PETROCHEMICAL SECTOR
Baku, June 30 (AZERTAC). The International Finance Corporation, IFC, is partnering with Azerbaijan Methanol Company, AzMeCo, to improve the company’s governance practices, providing advice that will help establish good corporate governance in a key sector of Azerbaijan’s economy, the petrochemical industry.
AzMeCo was founded in 2007 as a methanol producer. IFC will assess the company’s corporate governance standards and develop a tailored improvement plan to align it with international best practices. The Swiss government is supporting the project through its State Secretariat for Economic Affairs.
IFC, a member of the World Bank Group, will advise and train the company’s directors, managers, and key shareholders. IFC also will help revise corporate documents, improve financial reporting and information disclosure and internal control and audit functions.
IFC, through its Azerbaijan Corporate Governance Project, has been helping local companies and banks enhance their operations and increase their ability to attract financing and investment since 2005.