Baghdad, Iraq, November 8, 2018
—IFC, a member of the World Bank Group, and its local partners have officially launched the first independent institute of directors in Iraq, part of efforts to promote corporate governance, boost business transparency, and encourage private investment in the country.
The Iraqi Institute of Directors (IIoD) provides corporate governance services in Iraq and other countries in the Middle East and North Africa region, helping to strengthen the role of independent directors, create effective boards, and raise awareness about corporate governance practices. With IFC’s support, the newly established institute has already conducted several corporate governance events, providing training for 459 board members, senior executives, and entrepreneurs.
“Strong corporate governance practices are vital to rebuilding a sturdy private sector, attracting investment, and creating jobs. At the IIoD, we open the door for dialogue between our members and representatives of the Iraqi market regulators, through which experiences are exchanged and built upon, thus offering our members a remarkable opportunity to play a vital role in shaping the corporate governance landscape in Iraq.” Mahmoud Raoof Kareem, IIoD Chairman.
The initiative is part of IFC’s strategy to drive private sector growth in Iraq by improving the management skills of smaller businesses and helping larger companies improve their performance. It is also part of IFC’s aim to scale up support for fragile and conflict-affected states, where private sector investment is key to creating jobs and spurring growth.
“Strong corporate governance helps firms lower environmental and social risks, reduce costs and attract investors,” said Mary Porter Peschka, IFC Director for Environment, Social and Governance. “By training directors and providing opportunities for knowledge sharing, the new IIoD will play a key role in the development of a sustainable private sector in Iraq.”
IFC has been working to promote stronger corporate governance and transparency in Iraq, with support from the governments of Japan and Spain. So far, it has provided corporate governance services to 172 companies in Iraq and conducted 64 specialized events, reaching about 1,000 participants and helping to build a network of governance experts.
About IFC
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In fiscal year 2018, we delivered more than $23 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit
www.ifc.org
Stay Connected
