Cairo, Egypt, January 22, 2009
─IFC, a member of the World Bank Group, is helping raise awareness among banks and bank executives in Egypt and across the Middle East and North Africa about managing risk amid the unfolding global financial crisis.
In cooperation with the Egyptian Banking Institute (EBI), IFC is hosting a conference in Cairo, Egypt entitled “Managing Bank Risk in a Changing Environment”. Among the participants at the January 22
nd
conference are international, regional, and local senior bank executives.
The conference provides a platform for participants to share experiences about risk management in today’s turbulent and rapidly-changing financial environment. The dialogue will help the banking industry to keep apprised of financial-sector policymaking changes in developed and emerging countries.
Participants will discuss liquidity, operational and credit risk management, corporate governance, forecasts for the Middle East and North Africa for 2009, small business lending, and the economic crisis in the United States.
Dr. Hala El Said, Executive Director, Egyptian Banking Institute, said: “The current financial crisis and credit crunch have been blamed on poor risk management practices; therefore, action is needed to win back investors' trust. We are pleased to work with IFC to share views, suggestions and solutions on the implication of the recent international crisis on the financial and banking system and implement new risk management strategies and governance to improve the financial services business performance.”
IFC is working closely with banks across the Middle East and North Africa to assist in structuring robust risk management systems, and is helping to train key bank staff on risk management. This work is part of IFC’s wider role of supporting private sector growth to help create jobs and bring opportunity.
Michael Essex, IFC Director for the Middle East and North Africa, said: “We believe that risk management begins with creating a culture to address the issue and realizing the important monitoring role that board members must play. This conference provides the opportunity to exchange views, ideas, predictions and solutions to ensure that we are all better prepared in the future."
About IFC
IFC, a member of the World Bank Group creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $16.2 billion in fiscal 2008, a 34 percent increase over the previous year. For more information, please visit
www.ifc.org
.
About EBI
The Egyptian Banking Institute (EBI) is a non-profit organization operating under the sponsorship of the Central Bank of Egypt (CBE) since 1991. EBI benefits from its strong Board of Directors that comprises the leading figures of Egypt’s banking sector, chaired by his Excellency the Governor of the Central Bank of Egypt. In addition, the Institute enjoys an extensive network of 42 member banks from both the public and private sectors in Egypt.
EBI's main objective is to enhance and upgrade the professional skills of the Egyptian bankers through continuous training in order to keep abreast with the highest international standards in the banking sector. In this respect EBI provides a comprehensive range of top quality financial training programs targeting professionals at all levels, from fresh entrants to more experienced bankers and senior management.
