Tunis, Tunisia, December 9, 2011—IFC,
member of the World Bank Group, agreed today with L’Institut Arabe des
Chefs d’Entreprises, a Tunisian business training network, to promote
sound corporate governance practices in Tunisia to help companies improve
performance and attract investment.
IFC will partner with the Institute
over the next three years to provide a series of training sessions for
Tunisian banks and companies on implementing corporate governance practices.
The program also will assist government regulators to develop and implement
stronger governance codes, and help the Institute develop its own expertise
so that it can continue to advocate good governance to the Tunisian market.
“This initiative is the first step
towards establishing a long-term partnership with IFC for corporate governance
reform in Tunisia,” said Majdi Hassen, Executive Director of L’Institut
Arabe des Chefs d’Entreprises. “We hope this will lead to prosperity
through entrepreneurship and employment.”
The Institute announced the agreement
at its annual corporate governance event, which attracted more than 800
business leaders from Tunisia. Most participants believe that corporate
governance will help restore market confidence in Tunisia as it continues
through an historic period of transition.
“IFC is committed to helping advance
corporate governance in Tunisia,” said Mouayed Makhlouf, IFC Director
for the Middle East and North Africa. “We view it as imperative to help
improve market confidence and stimulate private sector growth as investors
place great value in companies with well-functioning boards, strong management
control processes, and sound transparency practices.”
L’Institut Arabe des Chefs d’Entreprises
is a nonprofit network of multi-disciplinary training centers that cooperates
with Tunisian academic institutions to enhance the capacity of the business
community and enable it to adapt to socioeconomic challenges. It was established
in 1984 by a group of business entrepreneurs and now has 450 member companies.
Its mission is to facilitate networking amongst business managers and provide
a platform for exchange of ideas, research, training and opportunity creation
for young entrepreneurs.
The initiative is part of the IFC Corporate
Governance Program in the Middle East and North Africa, which broadly aims
to improve corporate governance standards in markets across the region.
Beyond Tunisia, the program will also focus on other parts of the region
affected by the recent political events, such as Egypt, Morocco, and the
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.