IFC Provides Training to Strengthen Corporate Governance in Kyrgyz Republic and Tajikistan
Friday 30 September 2011
Bishkek (IFC press release) – IFC, a member of the World Bank Group, is training business consultants in the Krygyz Republic and Tajikistan on ways to improve corporate governance at the companies they advise, a project that will help firms improve operations and make it easier for them to access financing.
Under a recently launched training series, members of local consulting firms received training in IFC’s Corporate Governance Methodology, a unique tool used around the world to help companies and financial institutions evaluate corporate governance risks and opportunities. The training took place in Dushanbe and Bishkek this week, focusing on board effectiveness, management control functions, and disclosure practices. Consultants are expected to apply those lessons to their work with clients, helping firms expand, improve operations, and create jobs.
“This was an extremely valuable workshop,” said Gulnara Uskenbaeva, head of the Association of Accountants and Auditors in the Kyrgyz Republic. “It reinforced the importance of sound corporate governance, which is critical for companies to grow and thrive. I will definitely use IFC’s methodology in the future.”
Sergii Tryputen, IFC Project Manager, said: “Good corporate governance is the foundation for any successful company. In the Kyrgyz Republic and Tajikistan, our aim is to build the capacity of local consulting firms to help companies improve corporate governance, which will open up new opportunities for financing. In turn, that will help drive economic growth in both nations.”
The training is part of IFC’s Central Asia Corporate Governance Project, which is implemented in partnership with the United Kingdom’s Department for International Development. The project helps local joint stock companies and banks strengthen their corporate governance practices to increase their ability to attract financing and manage risks.
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 US $19 billion.
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