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Beirut, October 11, 2007
— IFC, a member of the World Bank Group, today signed a memorandum of understanding with the Lebanese Transparency Association to support its efforts to establish an institute that will promote better corporate governance practices in Lebanon. The signing took place during a press conference that was attended by H.E. Minister of Finance Jihad Azour and H.E. Minister of Economy and Trade Sami Haddad.
The institute is an initiative of the Lebanese Transparency Association. It will provide training courses on corporate governance, offer consultancy services, carry out research and educational activities, and organize events that promote awareness.
IFC’s support to the institute is through its advisory project, the Lebanon Corporate Governance Project. This is part of IFC’s work in Lebanon to enhance corporate governance and build sustainable businesses in the Middle East and North Africa. IFC believes that improving transparency, professionalizing board practices, and reinforcing shareholder rights are crucial for the growth and competitiveness of enterprises.
IFC is working closely with the Lebanese Transparency Association to help develop a strategy that reflects the national context and a timeline of activities and deliverables for the planned institute.
About IFC
IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. IFC’s vision is that poor people have the opportunity to escape poverty and improve their lives. In FY07, IFC committed $8.2 billion and mobilized an additional $3.9 billion through loan participations and structured finance for 299 investments in 69 developing countries. IFC also provided advisory services in 97 countries. For more information, visit
www.ifc.org
.
About LTA
A group of individuals joined forces in May 1999 to fight corruption in Lebanon by founding the Lebanese Transparency Association. The association was the first Lebanese nongovernmental organization to specialize in promoting transparency and fighting corruption. LTA’s founders, who come from different backgrounds including business, academia, economy, and law, believed that a more constructive way to curb corruption is through civil society.
LTA works closely with Transparency International, operating as its chapter in Lebanon. Among its many activities, in 2002 LTA launched the Lebanon Corporate Governance Task Force, a permanent working group consisting of prominent representatives from the country’s private and public sectors, as well as civil society. The task force has initiated a wide-ranging dialogue on corporate governance between various stakeholders. It has also been responsible for the design and implementation of many projects on corporate governance in the country. It acts as a consultative body for LTA. For more information, visit
www.lcgtf.org
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