Tunis, Tunisia, September 27, 2012—IFC,
a member of the World Bank Group, is helping Tunisia's Amen Bank strengthen
its corporate governance and risk management practices, allowing the company
to solidify its position as a market leader and expand its lending to smaller
IFC will advise Amen Bank at the board
and management levels to ensure the company meets international best practices
in corporate governance and risk management. This comes at a time when
Tunisian banks are implementing new central bank regulations on corporate
governance. The partnership is also designed to allow Amen Bank to expand
lending to retail customers along with small and medium enterprises, helping
Tunisian enterprises grow and create jobs.
“IFC's wealth of experience will help
us in our continued efforts to expand and support businesses across the
country,” said Ahmed El Karm, CEO of Amen Bank.
The company is Tunisia’s second-largest
private bank and through its focus on commercial banking plays a key role
in the economic growth of the country.
“The financial sector is instrumental
in private sector development,” said Mouayed Makhlouf, IFC Director for
the Middle East and North Africa. “By supporting lenders like Amen Bank,
we can substantially upgrade the services to Tunisian businesses, helping
promote economic growth.”
The new agreement is part of IFC's efforts
in Tunisia to increase access to finance, a key pillar in creating jobs
and strengthening the country’s economy.
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.