Tunis, Tunisia, December 9, 2011—IFC, member of the World Bank Group, agreed today with L’Institut Arabe des Chefs d’Entreprises, a Tunisian business training network, to promote sound corporate governance practices in Tunisia to help companies improve performance and attract investment.
IFC will partner with the Institute over the next three years to provide a series of training sessions for Tunisian banks and companies on implementing corporate governance practices. The program also will assist government regulators to develop and implement stronger governance codes, and help the Institute develop its own expertise so that it can continue to advocate good governance to the Tunisian market.
“This initiative is the first step towards establishing a long-term partnership with IFC for corporate governance reform in Tunisia,” said Majdi Hassen, Executive Director of L’Institut Arabe des Chefs d’Entreprises. “We hope this will lead to prosperity through entrepreneurship and employment.”
The Institute announced the agreement at its annual corporate governance event, which attracted more than 800 business leaders from Tunisia. Most participants believe that corporate governance will help restore market confidence in Tunisia as it continues through an historic period of transition.
“IFC is committed to helping advance corporate governance in Tunisia,” said Mouayed Makhlouf, IFC Director for the Middle East and North Africa. “We view it as imperative to help improve market confidence and stimulate private sector growth as investors place great value in companies with well-functioning boards, strong management control processes, and sound transparency practices.”
L’Institut Arabe des Chefs d’Entreprises is a nonprofit network of multi-disciplinary training centers that cooperates with Tunisian academic institutions to enhance the capacity of the business community and enable it to adapt to socioeconomic challenges. It was established in 1984 by a group of business entrepreneurs and now has 450 member companies. Its mission is to facilitate networking amongst business managers and provide a platform for exchange of ideas, research, training and opportunity creation for young entrepreneurs.
The initiative is part of the IFC Corporate Governance Program in the Middle East and North Africa, which broadly aims to improve corporate governance standards in markets across the region. Beyond Tunisia, the program will also focus on other parts of the region affected by the recent political events, such as Egypt, Morocco, and the Levant.
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, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit
www.ifc.org
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