ADFIAP welcomes 3 new members

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Feb 3 membersThe ADFIAP Board has approved the membership application of the Partnership for Economic and Social Initiatives (PESI), based in Baku, Azerbaijan, International Investment Bank (IIB) based in Moscow, Russia, and the First Private Bank Limited based in Yangon, Myanmar.

PESI is a national think tank aiming to support social cohesion and economic development for better functioning democracy and market economy in Azerbaijan. Since its inception, PESI has been working to promote social dialogue, benchmark innovative business practices, strengthen social partnership for sustainable development, increase citizen participation for building vibrant and dynamic civil society, amplify local and international efforts for the development of sustainable and resilient business climate, empower women and youth to achieve their equal participation and full integration into the social, economic and political life of the country. Through collaborative actions with local and regional partners, PESI supports activities for social development, economic growth, regional integration and democratization process in the country. PESI is represented in the Steering Committee of Eastern Partnership Civil Society Forum Azerbaijan National Platform and chairs working group on Economic Integration and Convergence with EU Policies, serves as a member of Board of Directors of Azerbaijan Think Tank Alliance, and coordinates Environment and Climate Change Subgroup of EaP Civil Society Forum, and remains engaged in the Azerbaijan Chapter of UN Global Compact.

IIB is a multilateral institution for development, which assists in social and economic development, growth of people’s well-being, and economic cooperation of the member-states. The main directions of its activities are the support of the small and medium-sized business as well as participation in financing socially significant infrastructure projects. The Bank grants loans primarily through the leading national financial institutions with the participation of the state, development banks, export and import banks and agencies; or it lends in partnership with other international institutions for development. The Bank was founded and functions on the basis of the intergovernmental Agreement stating the foundation of the International Investment Bank and its Statutes. The Agreement was signed by the member-states of the Bank on June 10 1970, and it was registered in the Secretariat of the United Nations Organization under the number 11417. The members of the Bank are Republic of Bulgaria, Socialist Republic of Vietnam, Republic of Cuba, Mongolia, Russian Federation, Romania, Slovak Republic, and the Czech Republic.

First Private Bank (FPB), Ltd was established in 1992 and is a 100 percent public-owned company. It received its first commercial bank license on May 25, 1992, its Investment and Development license on November 10, 1993, and its Foreign banking license on August 24, 2012. The authorized capital is (MMK) 100 billion and FPB is selling its shares with 80 percent premium since April 2013. FPB pays dividend every year, with 15.6 percent dividend paid for FY 2012-2013. FPB has no non-performing loan account during the last 5 years.

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