Freetown, Sierra Leone, May 7, 2013
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IFC, a member of the World Bank Group, is advising banks in Sierra Leone on how to improve their corporate governance systems, helping them strengthen their operations and making it easier for them to access financing.
IFC organized a one-day training for twenty-five board directors and senior executives of banks in Sierra Leone that introduced global best practices of corporate governance, including how to meet the expectations of markets and investors, and how to mitigate risk. The training also covered the roles of directors and committees.
Sierra Leone’s Deputy Governor, Mrs Andrina Rosa Coker, said, “I thank IFC for collaborating with the Bank of Sierra Leone to organize this workshop, which helped give a better understanding of corporate governance and will help build a safe and sound financial system in Sierra Leone.”
Sese Gadzekpo, IFC Advisory Services Coordinator for Sierra Leone, said, “Helping banks in Sierra Leone improve their corporate governance systems will strengthen the country’s overall financial system and support broad economic growth. IFC is committed to supporting long-term growth in Sierra Leone by advising on private sector improvements and by investing directly in the country.”
Corporate governance refers to the structures and processes for the direction and control of companies, and concerns the relationships among the management, board of directors, controlling shareholders, minority shareholders and other stakeholders.
IFC promotes good corporate governance because it contributes to sustainable economic development by enhancing the performance of companies and increasing their access to outside capital.
A report released by IFC in 2012 found that good corporate governance contributes to economic development in developing countries by helping private businesses improve their performance, gain greater access to finance, and lower their capital costs.
The report,
“Focus 10: Corporate Governance and Development,” found that improvements in corporate governance boost investment and help increase economic and productivity growth.
IFC is active in Sierra Leone with advisory services programs, including credit bureau and collateral registry programs, which are helping improve the country’s financial markets infrastructure, and supporting the growth of smaller businesses.
Sierra Leone is also one of eight countries supported by IFC’s Conflict Affected States in Africa Initiative (CASA), which is supporting private sector growth, job creation, and increased investment in countries recovering from conflict. CASA is backed by donor partners Ireland, the Netherlands, and Norway.
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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