Bishkek, Kyrgyz Republic, October 14,
2011—IFC, a member of the World Bank Group, is working with the National
Bank of the Kyrgyz Republic, commercial banks and microfinance organizations
to help assess the corporate governance practices of their clients, improving
the banks’ risk-management capacity and making their operations more sustainable.
The IFC Corporate Governance Screening
Tool being introduced in the Kyrgyz Republic is a global product that has
been widely used to help financial institutions understand how well clients—and
potential clients—manage their businesses.
“The National Bank of the Kyrgyz Republic
has a vested interest in ensuring that our banking sector adopts best international
corporate governance practices,” said Baktygul Jeenbaeva, Deputy Governor
of the National Bank of Kyrgyz Republic. “We are looking forward to collaborating
with IFC in implementing the Corporate Governance Screening Tool in the
The new initiative is part of IFC’s
Central Asia Corporate Governance Project, which is implemented in partnership
with the United Kingdom’s Department for International Development (DFID).
The project helps local companies and banks strengthen their corporate
governance practices to increase their ability to attract financing and
"IFC has developed unique global
experience in helping financial institutions to identify corporate governance
risks at an early stage,” said Sergii Tryputen, IFC Project Manager. “We
expect our partnership with the National Bank of the Kyrgyz Republic also
will help its supervisors to mitigate financial-sector risk more effectively.”
The Kyrgyz Republic became a member
and shareholder of IFC in 1993. As of August 31, 2011, IFC's committed
portfolio in the country stood at $34 million.
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 $19 billion. For more information, visit www.ifc.org
To learn more about DFID, visit