OREANDA-NEWS. On 21 August 2008 was announced, that Executive Vice President & CEO of the International Financial Corporation (IFC) Mr. Lars H. Thunell has visited Baku.  In the frame of visit Mr. Thunell has acquainted oneself with the results of pilot project.

As has been reported earlier, in 2007 AZEL JSV was elected by IFC as pilot company for Azerbaijan Corporate Governance Project (ACGP). Also, in the frame of program that was aimed at support of small and mid-size business AZEL received special fund for development of retail network and building of the new office.  AZEL was selected as project participant because it inclines to improvement of corporate governance experiences. AZEL’s financial reports were prepared in accordance with the international standards and the Company is audited by an international audit company. Moreover, AZEL applied corporate ethical standards, which is a significant step towards improving corporate governance policy.

During the meeting with AZEL’s management Mr. Thunell highly appreciated efforts of AZEL Company. As was noted, AZEL has fulfilled its obligations and utilized allocated funds accordingly to assigned tasks - two new show-rooms and office were opened.  Also, about 60 working places were created. At the end of the meeting Mr. Rasim Ibrahimov – Member of Supervisory Board, AZEL presented to Mr. Thunell hand-made carpet with IFC logo.

International Financial Corporation (IFC) with the headquarter in Washington (USA)  is an investment division of the World Bank Group. IFC's 179 member countries provide its authorized share capital of USD 2.4 billion, collectively determine its policies, and approve investments. The main mission of IFC is to help developing countries and their people reach the goals by working with our partners to alleviate poverty. To do that we concentrate on building the climate for investment, jobs and sustainable growth, so that economies will grow, and by investing in and empowering poor people to participate in development.

IFC finances projects in the private sector of the developing markets, mobilizes capital at the international financial markets, helps to its clients to meet social and ecological requirements at the enterprises and provides technical support to governmental and private companies.