Gudauri, Georgia, November 19, 2008
—IFC, a member of the World Bank Group, is working with the Supreme Court of Georgia to improve governance of the country’s court system, which could boost private-sector development by speeding up resolution of business disputes and improving public confidence in the system.
IFC will hold a series of roundtable discussions with Georgian judges about ways to improve governance of the court system. The first discussion will be held in Gudauri on November 21 and November 22. The Canadian International Development Agency and BP and Its Oil & Gas Partners are helping to finance the initiative.
IFC and the Supreme Court of Georgia plan to publish recommendations from participating judges and IFC experts for the courts’ future use. “With help from IFC experts, these discussions and training activities for our judges will help the Supreme Court of Georgia bring the country’s judiciary system in line with best international governance practices,” said Mikheil Gogishvili, Deputy Chairman of the Supreme Court of Georgia.
A lack of confidence in the Georgian judiciary system sometimes prevents Georgian businesses from taking disputes to the courts. IFC is helping judges acquire a deeper understanding of the implications of corporate laws, so they can make more informed decisions and also speed up the resolution of business disputes.
Maia Tevzadze, Deputy Project Manager of the IFC Georgia Corporate Governance Project, said: “It is very important to ensure that the best practices introduced in the country's legal system are properly implemented. Consultations with Georgian judges and effective training on how to interpret the Georgian Company Law will lead to more informed and transparent decisions in the courts.”
The IFC Georgia Corporate Governance Project has been promoting the benefits of sound corporate governance in Georgia since 2003. To date, the project has consulted more than 100 lawyers and financial specialists, trained 400 representatives of Georgian companies and banks, drafted four laws and regulations, and conducted two corporate governance surveys. The project has enabled client companies to attract $59 million in investments that have been attributed to improvements in corporate governance.
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, visit
www.ifc.org
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