Cairo, Egypt, January 22, 2009─IFC,
a member of the World Bank Group, is helping raise awareness among banks
and bank executives in Egypt and across the Middle East and North Africa
about managing risk amid the unfolding global financial crisis.
In cooperation with the Egyptian Banking
Institute (EBI), IFC is hosting a conference in Cairo, Egypt entitled “Managing
Bank Risk in a Changing Environment”. Among the participants at the January
22nd conference are international, regional, and local senior
The conference provides a platform for
participants to share experiences about risk management in today’s turbulent
and rapidly-changing financial environment. The dialogue will help the
banking industry to keep apprised of financial-sector policymaking changes
in developed and emerging countries.
Participants will discuss liquidity,
operational and credit risk management, corporate governance, forecasts
for the Middle East and North Africa for 2009, small business lending,
and the economic crisis in the United States.
Dr. Hala El Said, Executive Director,
Egyptian Banking Institute, said: “The current financial crisis and credit
crunch have been blamed on poor risk management practices; therefore, action
is needed to win back investors' trust. We are pleased to work with IFC
to share views, suggestions and solutions on the implication of the recent
international crisis on the financial and banking system and implement
new risk management strategies and governance to improve the financial
services business performance.”
IFC is working closely with banks across
the Middle East and North Africa to assist in structuring robust risk management
systems, and is helping to train key bank staff on risk management. This
work is part of IFC’s wider role of supporting private sector growth to
help create jobs and bring opportunity.
Michael Essex, IFC Director for the
Middle East and North Africa, said: “We believe that risk management begins
with creating a culture to address the issue and realizing the important
monitoring role that board members must play. This conference provides
the opportunity to exchange views, ideas, predictions and solutions to
ensure that we are all better prepared in the future."
IFC, a member of the World Bank Group creates opportunity for people to
escape poverty and improve their lives. We foster sustainable economic
growth in developing countries by supporting private sector development,
mobilizing private capital, and providing advisory and risk mitigation
services to businesses and governments. Our new investments totaled $16.2
billion in fiscal 2008, a 34 percent increase over the previous year. For
more information, please visit www.ifc.org.
The Egyptian Banking Institute (EBI)
is a non-profit organization operating under the sponsorship of the Central
Bank of Egypt (CBE) since 1991. EBI benefits from its strong Board of Directors
that comprises the leading figures of Egypt’s banking sector, chaired
by his Excellency the Governor of the Central Bank of Egypt. In addition,
the Institute enjoys an extensive network of 42 member banks from both
the public and private sectors in Egypt.
EBI's main objective is to enhance and
upgrade the professional skills of the Egyptian bankers through continuous
training in order to keep abreast with the highest international standards
in the banking sector. In this respect EBI provides a comprehensive range
of top quality financial training programs targeting professionals at all
levels, from fresh entrants to more experienced bankers and senior management.