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IFC and Partners Support Corporate Governance in Georgia’s Financial Sector

Published: December 20, 2012 | 11:11 am
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The COMMERCIAL TIMES

Tbilisi, Georgia, December 20, 2012—IFC, a member of the World Bank Group, the Georgian Banking Training Center, and the Georgian Institute of Directors are helping financial institutions in Georgia improve their corporate governance, allowing them to strengthen their performance and competitiveness.

IFC and the two organizations hosted a roundtable in Tbilisi on December 20 to discuss the challenges facing the financial sector. The gathering explored the benefits of improved corporate governance practices, especially in light of the uncertainties in global financial markets. This initiative is expected to contribute to an increase in compliance with the Corporate Governance Code for Commercial Banks, a voluntary document developed with the support of IFC and signed by a majority of Georgian banks in 2009.

“Improved corporate governance practices means following principles of accountability and transparency which in turn enables financial institutions to become more sustainable and profitable and attract investment,” said Thomas Lubeck, IFC Regional Manager for the South Caucasus. “Supporting financial institutions in this area resonates with our overall strategy in Georgia, which is focused on private sector development that leads to job creation and growth.”

The roundtable included representatives of the National Bank of Georgia, the Georgian Stock Exchange, commercial banks, microfinance institutions, and insurance companies. The event was organized by IFC’s Corporate Governance Program in Europe and Central Asia, which is implemented in partnership with the Swiss State Secretariat for Economic Affairs (SECO) and the Development Bank of Austria (OeEB).

IFC is working with the Georgian Banking Training Center and the Georgian Institute of Directors to promote corporate governance practices in Georgia. The country became a member of IFC in 1995. Since then IFC has invested $583 million in 43 projects across various sectors and supported high-profile regional projects developed in the country. IFC has also implemented a number of advisory projects focused on the development of the private sector.

About IFC

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, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our 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. For more information, visit www.ifc.org.

 

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