DUSHANBE, May 17, 2013, Asia-Plus – International Finance Corporation (IFC) and the United Kingdom are launching the next phase of their project to improve corporate governance in Central Asia with the backing of a new donor, Switzerland, press release issued by IFC said.
IFC will continue helping companies in Tajikistan and Kyrgyzstan improve their corporate governance practices through in-depth assessments, with a focus on financial firms, family-owned businesses, and small and medium enterprises.
IFC will also build the capacity of local intermediaries including consulting firms and non-governmental organizations, all of whom will continue to help local companies and banks improve corporate governance.
During its previous phase, the project assisted over 770 companies in Tajikistan and Kyrgyzstan. More than 50 companies secured $21 million in additional investments facilitated by their improved corporate governance practices.
“Good corporate governance helps companies and markets attract investors, reduce their cost of capital, improve company performance, and better weather financial crises,” said Sergii Tryputen, IFC Project Manager. “It also helps create an environment supportive of investment, entrepreneurship and innovation, spurs economic diversification, and ultimately raises living standards.”
Backed by the UK’s Department for International Development, IFC launched the first phase of its Central Asia Corporate Governance Project in 2008. Now, with funding from DFID and the Government of Switzerland, IFC is implementing the project’s second phase, again in Tajikistan and Kyrgyzstan.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. It helps developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, IFC’s investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges.
