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IFC Helps Mongolian Companies Strengthen Corporate Governance and Improve Competitiveness

Ulaanbaatar, Mongolia, November 30, 2011 —IFC, a member of the World Bank Group, is helping Mongolian companies address the challenges of implementing the country’s new Company Law and strengthen corporate governance practices to increase their competitiveness.
In partnership with Mongolia’s Financial Regulatory Commission and the Corporate Governance Development Center, IFC is hosting the “New Company Law and Corporate Governance in Mongolia” conference today, which brings together international experts and top Mongolian business executives to discuss how the law affects Mongolian businesses and the benefits of good corporate governance. Adopted in October and drafted with IFC’s help, the law introduced stronger corporate governance regulations and is seen as pivotal in promoting good practices that enable companies to attract more investments.
“The Mongolian economy is growing rapidly in the recent years and local firms are facing operational challenges to cope with such a dynamic development,” said Jigjid Unenbat, Executive Director of the Corporate Governance Development Center. “We are pleased to work with a global expert like IFC to help Mongolian companies remain competitive and plan smart for future growth.”
In recent years, Mongolia has made progress in introducing good corporate governance practices to newly established corporations. Through the Mongolia Corporate Governance Project, IFC has supported the initiatives of the government to improve the country’s corporate governance framework since 2009. With financial support from Japan, the project has been helping companies and banks in Mongolia enhance their operations and increase their ability to attract financing and investment. To date, the project has organized training programs and consultations on corporate governance topics for more than 70 joint-stock companies and banks.
“IFC is committed to introducing the global knowledge to our local clients when it is needed most,” said Anar Aliyev, Operations Officer of IFC’s Mongolia Corporate Governance Project. “This conference is a new step for us to share knowledge, creates favorable conditions for further dialogue and work, as well as promote best corporate governance practices in Mongolian companies.”
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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