Ulaanbaatar, Mongolia, September 22,
2015—IFC, a member of the World Bank Group, and the Corporate Governance
Development Center (CGDC) have signed a cooperation agreement to help Mongolian
companies improve their performance in a bid to attract new investment
and boost economic growth.
Numerous studies have shown that companies with good governance typically
make better decisions, perform better, and are more attractive to investors.
IFC will support CGDC over the next three years to develop training programs
for local consultants, deliver corporate-governance assessments for companies,
and promote industry and public dialogues to encourage wider adoption of
best practices such as proper public disclosure and investor protection.
“We have received support and assistance from IFC since our inception.
IFC’s partnership was vital to CGDC becoming one of the leading institutions
promoting good corporate-governance principles and practices in Mongolia,”
said Tsend-Ayush Tuvshintur, Chief Executive Officer of CGDC. “This agreement
will take our cooperation to the next level and further improve the quality
of our services to client companies and the general public.”
In Mongolia, a sparsely populated nation with 3.2 million people, private
businesses are increasingly adopting better corporate-governance standards
to boost their institutional capacity and cope with recent economic turbulence.
This project is part of IFC’s Corporate Governance Program in East Asia
and the Pacific, funded by the State Secretariat for Economic Affairs of
Switzerland, to help improve investment climates, attract investment across
markets, and enhance firm performance to boost economic growth.
“By partnering with CGDC, IFC aims to promote best corporate-governance
practices for Mongolian companies, making them more efficient, accountable,
and transparent,” said Tuyen D. Nguyen, IFC’s Resident Representative
in Mongolia. “Amid this challenging time in the Mongolian economy with
a recovery on the horizon, this is an important initiative to help local
companies attract much-needed investment.”
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,
The Corporate Governance Development Center is a membership-based professional
training and research institution established in June 2009 to advance corporate-governance
practices in Mongolia. It actively cooperates with the Financial Regulatory
Commission and the Mongolian Stock Exchange in reforming Mongolia’s business
regulatory environment. For more information, visit www.cgdc.org.mn.