DUSHANBE, April 28, 2010, – International Finance Corporation (IFC), a member of the World Bank Group, is providing training for banks in Tajikistan to help strengthen their corporate management practices and thus contribute to increasing the sustainability of the country’s banking sector.
According to the IFC Dushanbe Office, about 30 representatives of supervisory boards and senior management of Tajik banks attended a one-day training session that took place here on April 27..
They were trained on the function of supervisory boards with a particular focus on supervisory board objectives, the role of its committees during internal audits, reporting procedures, and the role of corporate secretaries and executive management.
“We thank IFC for training us on corporate governance, a subject of current importance and relevance for banks in Tajikistan,” said Samikhon Qurbonov, President of Closed Joint-stock Company Fononbank. “This initiative has familiarized us with contemporary trends in corporate governance that we will apply in our bank to improve practices.”
The training was part of the educational program of the IFC Corporate Governance Project in Central Asia. So far, IFC has conducted 36 trainings and seminars in the region for over 200 companies and banks willing to improve their corporate governance practices.
“IFC has been actively working with representatives of Supervisory Boards of companies and banks in Tajikistan on introducing modern corporate governance standards and practices,” said Tahmina Nurova, Banking/Financial Disclosure Expert for IFC Central Asia Corporate Governance Project. “This particular training allowed Tajik bankers to get practical solutions for corporate governance issues they face. We will continue this program in Tajikistan to make a positive impact on the local corporate sector and help companies and banks become more attractive to investors.”
The IFC Central Asia Corporate Governance Project is supported by the Netherlands-IFC Partnership Program.
The Netherlands is one of IFC’s key partners in delivering advisory services. The Netherlands-IFC Partnership Program was established in 2002 to consolidate Dutch-supported advisory programs under one umbrella. The NIPP was a framework agreement with a focus on private sector development, an emphasis on small-business development, access to finance, business and investment climate, and sustainable corporate practices. Globally, the Netherlands is one of the world’s largest donors, spending $6 billion, which is equivalent to 0.8 percent of its gross domestic product.
