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Tbilisi, Georgia, December 4, 2014
—IFC, a member of the World Bank Group, is boosting the capacity of its partners in Europe and Central Asia to provide advice on good corporate governance and help spur private sector growth.
Working with the law firm Eristavi & Partners, the Georgian Institute of Directors, the Georgian Banking Training Centre, and PMO Business Consulting, and funded by Switzerland’s State Secretariat for Economic Affairs (SECO), IFC’s Corporate Governance Program in Europe and Central Asia this week welcomed to Tbilisi more than 25 representatives of its training and consulting partners from 10 countries.
They gathered to share knowledge on best practices to build capacity in corporate governance, focusing on improving the structures and processes by which companies are directed and controlled. When implemented effectively, solid corporate governance enhances competitiveness, efficiency, and profitability, and enables companies to expand sustainably while attracting investment.
“Our objectives - to promote sustainable growth to create new jobs, encourage higher productivity, and contribute to reducing poverty and inequality - resonate with the overall goals of IFC’s program,” said Lukas Schneller, Deputy Head, Private Sector Development, SECO. “We believe improving corporate governance practices in Europe and Central Asia will help private companies develop in a sustainable manner.”
Discussions in Tbilisi focused on how to develop effective board leadership, improve transparency and disclosure, and develop governance in family businesses to mitigate the inefficiencies and internal conflicts that can threaten survival. Family businesses play a key role in economic growth and employment generation in emerging markets.
“We are continuing to help our partners build their capacity to deliver corporate governance advisory and training services to institutions in their markets,” said Oliver Orton, Program Manager, IFC Corporate Governance Program in Europe and Central Asia. “The purpose is to create a sustainable model for tackling governance challenges that are aligned with the realities of the private sector.”
In fiscal year 2014, IFC continued to work with over 20 local partners in 12 countries in Europe and Central Asia, to build their capacity to deliver training and consulting services. For more information on IFC and corporate governance, visit
www.ifc.org/corporategovernance
.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in about 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and boost shared prosperity. In FY14, we provided more than $22 billion in financing to improve lives in developing countries and tackle the most urgent challenges of development. For more information, visit
www.ifc.org
.
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