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Rabat, Morocco, October 23, 2008
—IFC, a member of the World Bank Group, is today holding a one-day workshop to provide comprehensive corporate governance training to microfinance institutions in the Maghreb region. The workshop, being held in Rabat, is designed to help microfinance institutions improve corporate governance practices to strengthen their operational and financial performance and enable them to increase access to microfinance in the region.
Through the training IFC will work with the microfinance institutions' senior management and board members to emphasize the importance of corporate governance, highlight international best practice, and focus on corporate governance solutions for issues faced by microfinance institutions in the Mahgreb region. The workshop will also provide an opportunity for the microfinance institutions from Morocco and Tunisia to share their experiences in developing good governance practice.
Momina Aijazuddin, IFC Microfinance Program Manager, Middle East and North Africa, said, "Moroccan microfinance institutions are at an important stage in their development as they consolidate growth, scale up to meet demand, and integrate into local and financial markets. A strong corporate governance system is critical to achieving these goals, and IFC will continue to support microfinance institutions in the Mahgreb region in meeting this important challenge."
IFC provides investment and advisory services to support the development of the microfinance industry in Morocco. It has invested $53.6 million in the microfinance sector in Morocco, including in Jaida, a local microfinance investment fund. IFC has supported the major industry players in developing their institutional capacity by strengthening human resources, internal control, and risk management functions.
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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