Beirut, October 11, 2007 — IFC,
a member of the World Bank Group, today signed a memorandum of understanding
with the Lebanese Transparency Association to support its efforts to establish
an institute that will promote better corporate governance practices in
Lebanon. The signing took place during a press conference that was attended
by H.E. Minister of Finance Jihad Azour and H.E. Minister of Economy and
Trade Sami Haddad.
The institute is an initiative of the
Lebanese Transparency Association. It will provide training courses on
corporate governance, offer consultancy services, carry out research and
educational activities, and organize events that promote awareness.
IFC’s support to the institute is through
its advisory project, the Lebanon Corporate Governance Project. This
is part of IFC’s work in Lebanon to enhance corporate governance and build
sustainable businesses in the Middle East and North Africa. IFC believes
that improving transparency, professionalizing board practices, and reinforcing
shareholder rights are crucial for the growth and competitiveness of enterprises.
IFC is working closely with the Lebanese
Transparency Association to help develop a strategy that reflects the national
context and a timeline of activities and deliverables for the planned institute.
IFC, a member of the World Bank Group,
fosters sustainable economic growth in developing countries by financing
private sector investment, mobilizing private capital in local and international
financial markets, and providing advisory and risk mitigation services
to businesses and governments. IFC’s vision is that poor people have the
opportunity to escape poverty and improve their lives. In FY07, IFC committed
$8.2 billion and mobilized an additional $3.9 billion through loan participations
and structured finance for 299 investments in 69 developing countries.
IFC also provided advisory services in 97 countries. For more information,
A group of individuals joined forces
in May 1999 to fight corruption in Lebanon by founding the Lebanese Transparency
Association. The association was the first Lebanese nongovernmental organization
to specialize in promoting transparency and fighting corruption. LTA’s
founders, who come from different backgrounds including business, academia,
economy, and law, believed that a more constructive way to curb corruption
is through civil society.
LTA works closely with Transparency International,
operating as its chapter in Lebanon. Among its many activities, in
2002 LTA launched the Lebanon Corporate Governance Task Force, a permanent
working group consisting of prominent representatives from the country’s
private and public sectors, as well as civil society. The task force has
initiated a wide-ranging dialogue on corporate governance between various
stakeholders. It has also been responsible for the design and implementation
of many projects on corporate governance in the country. It acts as a consultative
body for LTA. For more information, visit www.lcgtf.org.