Tbilisi, Georgia, December 4, 2014—IFC,
a member of the World Bank Group, is boosting the capacity of its partners
in Europe and Central Asia to provide advice on good corporate governance
and help spur private sector growth.
Working with the law firm Eristavi & Partners, the Georgian Institute
of Directors, the Georgian Banking Training Centre, and PMO Business Consulting,
and funded by Switzerland’s State Secretariat for Economic Affairs (SECO),
IFC’s Corporate Governance Program in Europe and Central Asia this week
welcomed to Tbilisi more than 25 representatives of its training and consulting
partners from 10 countries.
They gathered to share knowledge on best practices to build capacity in
corporate governance, focusing on improving the structures and processes
by which companies are directed and controlled. When implemented effectively,
solid corporate governance enhances competitiveness, efficiency, and profitability,
and enables companies to expand sustainably while attracting investment.
“Our objectives - to promote sustainable growth to create new jobs, encourage
higher productivity, and contribute to reducing poverty and inequality
- resonate with the overall goals of IFC’s program,” said Lukas Schneller,
Deputy Head, Private Sector Development, SECO. “We believe improving corporate
governance practices in Europe and Central Asia will help private companies
develop in a sustainable manner.”
Discussions in Tbilisi focused on how to develop effective board leadership,
improve transparency and disclosure, and develop governance in family businesses
to mitigate the inefficiencies and internal conflicts that can threaten
survival. Family businesses play a key role in economic growth and employment
generation in emerging markets.
“We are continuing to help our partners build their capacity to deliver
corporate governance advisory and training services to institutions in
their markets,” said Oliver Orton, Program Manager, IFC Corporate Governance
Program in Europe and Central Asia. “The purpose is to create a sustainable
model for tackling governance challenges that are aligned with the realities
of the private sector.”
In fiscal year 2014, IFC continued to work with over 20 local partners
in 12 countries in Europe and Central Asia, to build their capacity to
deliver training and consulting services. For more information on IFC and
corporate governance, visit www.ifc.org/corporategovernance.
IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector. Working with private
enterprises in about 100 countries, we use our capital, expertise, and
influence to help eliminate extreme poverty and boost shared prosperity.
In FY14, we provided more than $22 billion in financing to improve lives
in developing countries and tackle the most urgent challenges of development.
For more information, visit www.ifc.org.
For more information about SECO, please visit: www.seco-cooperation.admin.ch.
For more information about Eristavi & Partners, please visit:
For more information about PMO Business Consulting, please visit:
For more information about the Georgian Institute of Directors, please