IFC Financing to Azel to Help Expand Azerbaijan’s Consumer Electronics Sector
IFC, a member of the World Bank Group, today signed an agreement to provide a long-term financing package to Azerbaijan Electronics JSC, known as Azel. The investment will help the company expand its consumer electronics operations and broaden its technology services to meet the growing demand from corporate clients and individual consumers.
The investment underscores IFC’s strategy in Azerbaijan to support small and medium businesses, as well as its commitment to contribute to private sector development in the region. Azel, the country’s leading systems integration provider, plans to use IFC’s $2.7 million investment for multiple purposes, including the purchase and renovation of a headquarters facility in Baku and the addition of two new stores to its retail network.
“IFC’s investment will enable us to continue providing top quality IT services to our corporate and retail customers under a new and stimulating business environment,” said Igor Yakovenko, President of Azel “We see our partnership as a long-term relationship that would groom us to be a regional leader in the sector” he added.
“One of the main pillars of our strategy in Azerbaijan is to foster sustainable growth of the private sector with a special focus on small and medium businesses across various sectors. Emerging, dynamic private entrepreneurs and diversification into non-oil related sectors are important to sustain Azerbaijan’s economic development,” said Shahbaz Mavaddat, IFC Director for Southern Europe and Central Asia.
“Azel’s growth will elevate the entire electronics retailing sector to more modern standards,” said Dimitris Tsitsiragos, IFC Director for Global Manufacturing and Services. “With our help, the company will also focus on improving its corporate governance practices.”
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