Bishkek, Kyrgyz Republic, February 5, 2010
— IFC, a member of the World Bank Group, is helping train board members and top managers of Kyrgyz companies and banks on ways to cope in today’s challenging economic environment, helping them mitigate the impact of crises on their businesses and maintain stable development.
In cooperation with law firm Kalikova & Associates, IFC today hosted a one-day workshop in Bishkek for high-level representatives from about 30 Kyrgyz companies and banks. This event is a part of IFC’s broader crisis-response initiative, which is focused on strengthening local banks and companies to make them more adaptive to tough economic conditions.
Gulnara Kalikova
, Managing Partner of Kalikova & Associates, said, “IFC’s experts accumulated and analyzed extensive first-hand experience of boards’ actions in crisis environments and this is great that they share this knowledge with local companies to support their sustainability.”
The training covered types and sources of crises, possible consequences of crises in emerging countries, responsibilities of board members during the recent global financial crisis, and the role of the board in preventing crises.
“In a time of global economic difficulty it is extremely important that board members and top managers are able to make quick, professional and informed decisions that can positively influence current operations and the development of their companies,” said
Yuliya Holodkova
, IFC Corporate Governance Project Team Leader. “We hope that the training will help managers look at their companies from a new angle.”
IFC is the only international financial institution focused exclusively on the private sector, the engine of sustainable development in emerging markets. Along with IBRD
,
it is currently seeking a capital increase to strengthen its ability to create opportunity for the poor in developing countries—including by establishing risk management programs to help companies weather the recent economic downturn.
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 $14.5 billion in fiscal 2009, helping channel capital into developing countries during the financial crisis. For more information, visit
www.ifc.org
.
