IFC Partners with UK, Switzerland to
Improve Corporate Governance in Central Asia
Bishkek, Kyrgyz Republic, May 16, 2013—IFC, a member of the World
Bank Group, and the United Kingdom are launching the next phase of their
project to improve corporate governance in Central Asia with the backing
of a new donor, Switzerland.
IFC will continue helping companies in the Kyrgyz Republic and Tajikistan
improve their corporate governance practices through in-depth assessments,
with a focus on financial firms, family-owned businesses, and small and
medium enterprises. IFC will also build the capacity of local intermediaries
including consulting firms and non-governmental organizations, all of whom
will continue to help local companies and banks improve corporate governance.
“Corporate governance remains weak in the Kyrgyz Republic. Local companies
need to build trust and gain the confidence of investors in order to attract
funding, grow, and create jobs,” said Bolot Kojomuratov, CEO of ABN Credit
Union, Kyrgyz Republic. “As a long-term partner, we are pleased to collaborate
through IFC’s in-depth assessment of corporate governance practices.”
During its previous phase, the project assisted over 770 companies in the
Kyrgyz Republic and Tajikistan. More than 50 companies secured $21 million
in additional investments facilitated by their improved corporate governance
“Good corporate governance helps companies and markets attract investors,
reduce their cost of capital, improve company performance, and better weather
financial crises,” said Sergii Tryputen, IFC Project Manager. “It also
helps create an environment supportive of investment, entrepreneurship
and innovation, spurs economic diversification, and ultimately raises living
Backed by the UK’s Department for International Development, IFC launched
the first phase of its Central Asia Corporate Governance Project in 2008.
Now, with funding from DFID and the Government of Switzerland, IFC is implementing
the project’s second phase, again in the Kyrgyz Republic and Tajikistan.
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.
To learn more about DFID, visit www.dfid.gov.uk.
To learn more about Swiss support, visit www.swisscoop.kg.