Dakar, Senegal, February 14, 2017
— IFC, a member of the World Bank Group,
and the Senegalese Institute of Administrators (ISA), today launched a
corporate governance program in Senegal. Targeting business and public
sector leaders in West Africa, the program aims to strengthen their understanding
of corporate governance issues like board leadership, diversity, risk,
and environmental and social standards.
Good corporate governance enables companies
to operate more efficiently, improve access to capital, mitigate risk,
and safeguard against mismanagement. It also helps companies attract new
investments and capital to finance their growth.
Knowledge of sound corporate governance practices
is relatively low in West Africa, while the legal and regulatory framework
has room for improvement. The World Bank Group’s ‘Doing Business’ report
found that Sub-Saharan Africa has the lowest global average score on the
protection of minority investors.
Alioune Ndour Diouf, CEO of the Senegalese
Institute of Administrators, said, “The partnership with IFC will allow
us to benefit from the World Bank Group’s expertise to build capacity
and improve corporate governance in Senegal.”
Aliou Maiga, Head of IFC’s Financial Institutions
Group for Africa said, “IFC offers a unique experience in corporate governance.
Our institution has helped more than 11,000 companies in over 30 countries
implement best practices in corporate governance, which has allowed those
companies to attract $3.2 billion in new investments.”
The Africa Corporate Governance Program is
a four-year initiative to promote corporate governance best practices and
standards continent-wide. The program is funded by the State Secretariat
for Economic Affairs of Switzerland.
IFC, a member of the World Bank Group, is
the largest global development institution focused on the private sector
in emerging markets. Working with more than 2,000 businesses worldwide,
we use our capital, expertise and influence to create opportunity where
it’s needed most. In FY15, our long-term investments in developing countries
rose to nearly $18 billion, helping the private sector play an essential
role in the global effort to end extreme poverty and boost shared prosperity.
For more information, visit www.ifc.org