Bishkek, Kyrgyz Republic, October 14, 2011
—IFC, a member of the World Bank Group, is working with the National Bank of the Kyrgyz Republic, commercial banks and microfinance organizations to help assess the corporate governance practices of their clients, improving the banks’ risk-management capacity and making their operations more sustainable.
The IFC Corporate Governance Screening Tool being introduced in the Kyrgyz Republic is a global product that has been widely used to help financial institutions understand how well clients—and potential clients—manage their businesses.
“The National Bank of the Kyrgyz Republic has a vested interest in ensuring that our banking sector adopts best international corporate governance practices,” said Baktygul Jeenbaeva, Deputy Governor of the National Bank of Kyrgyz Republic. “We are looking forward to collaborating with IFC in implementing the Corporate Governance Screening Tool in the Kyrgyz Republic.”
The new initiative is part of IFC’s Central Asia Corporate Governance Project, which is implemented in partnership with the United Kingdom’s Department for International Development (DFID). The project helps local companies and banks strengthen their corporate governance practices to increase their ability to attract financing and manage risks.
"IFC has developed unique global experience in helping financial institutions to identify corporate governance risks at an early stage,” said Sergii Tryputen, IFC Project Manager. “We expect our partnership with the National Bank of the Kyrgyz Republic also will help its supervisors to mitigate financial-sector risk more effectively.”
The Kyrgyz Republic became a member and shareholder of IFC in 1993. As of August 31, 2011, IFC's committed portfolio in the country stood at $34 million.
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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