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IFC Partners with UK, Switzerland to Improve Corporate Governance in Central Asia
Bishkek, Kyrgyz Republic, May 16, 2013
—IFC, a member of the World Bank Group, and the United Kingdom are launching the next phase of their project to improve corporate governance in Central Asia with the backing of a new donor, Switzerland.
IFC will continue helping companies in the Kyrgyz Republic and Tajikistan improve their corporate governance practices through in-depth assessments, with a focus on financial firms, family-owned businesses, and small and medium enterprises. IFC will also build the capacity of local intermediaries including consulting firms and non-governmental organizations, all of whom will continue to help local companies and banks improve corporate governance.
“Corporate governance remains weak in the Kyrgyz Republic. Local companies need to build trust and gain the confidence of investors in order to attract funding, grow, and create jobs,” said Bolot Kojomuratov, CEO of ABN Credit Union, Kyrgyz Republic. “As a long-term partner, we are pleased to collaborate through IFC’s in-depth assessment of corporate governance practices.”
During its previous phase, the project assisted over 770 companies in the Kyrgyz Republic and Tajikistan. More than 50 companies secured $21 million in additional investments facilitated by their improved corporate governance practices.
“Good corporate governance helps companies and markets attract investors, reduce their cost of capital, improve company performance, and better weather financial crises,” said Sergii Tryputen, IFC Project Manager. “It also helps create an environment supportive of investment, entrepreneurship and innovation, spurs economic diversification, and ultimately raises living standards.”
Backed by the UK’s Department for International Development, IFC launched the first phase of its Central Asia Corporate Governance Project in 2008. Now, with funding from DFID and the Government of Switzerland, IFC is implementing the project’s second phase, again in the Kyrgyz Republic and Tajikistan.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org
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