IFC To Support Businesses In Azerbaijan's Alat Free Economic Zone, Boost Diversification
(MENAFN- Trend News Agency) BAKU, Azerbaijan, February 1. International
Finance Corporation (IFC) has signed a memorandum of understanding
with Azerbaijan's Alat Free Economic Zone (AFEZ) to create a
framework for advisory and early-stage project development support
for companies that would be interested in locating their operations
in AFEZ, trend reports via IFC.
IFC, in partnership with the Austrian federal Ministry of
Finance, and in collaboration with AFEZ Authority, will provide
advice and support to AFEZ's tenants. The purpose is to help
companies identify and develop investment projects that focus on
supporting the country's net-zero transition and its
climate-resilient development.
'AFEZ aims to deliver a unique environment for investors and is
a key part of Azerbaijan's goal to develop a knowledge-based,
competitive economy, with modern energy, transport, and logistics
infrastructure. Our cooperation with IFC will help us to support
that aim, in line with best international standards,' said Valeh
Alasgarov, Chairman of the Board of the AFEZ Authority.
Located near the Baku International Sea Trade Port and transport
corridors, AFEZ is the focal point of government efforts to attract
and grow export-led value-added and manufacturing activity through
an independent legal and regulatory framework, and by providing
fiscal and non-fiscal incentives and infrastructure.
'Azerbaijan's economic growth over the past decades has largely
been driven by its oil and gas sector. Now, major changes in the
region's geopolitics and energy systems as well as long-term
strategic economic reform plans by the government are prompting the
country to diversify its economy,' said Rana Karadsheh, IFC's
Regional Director for Europe, adding that IFC's partnership with
AFEZ is 'part of our efforts to support that process, helping the
country remain competitive globally and ensuring a prosperous
future for generations of Azerbaijanis'.
Azerbaijan became a member state of IFC in 1995. Since then, IFC
has invested around $500 million in the country, including $73
million through mobilization across sectors including financial
services, infrastructure, and manufacturing. IFC has also supported
around $100 million in trade through its trade finance program,
provided $250 million for the Baku-Tbilisi-Ceyhan pipeline in 2004,
and implemented several advisory projects to boost private sector
growth.
MENAFN01022023000187011040ID1105507490
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.