Bishkek, Kyrgyz Republic, March 12,
2008—IFC, a member of the World Bank Group, has launched its Central
Asia Corporate Governance Project in the Kyrgyz Republic to help improve
the corporate governance practices of local joint stock companies and banks.
IFC’s worldwide experience shows that
companies with good corporate governance have better access to finance,
obtain higher sale prices for their shares, increase efficiency, and are
less likely to experience fraud. The project will work closely with shareholders,
supervisory board members, and managers of joint stock companies to improve
their corporate governance practices. It will also help the Kyrgyz government
improve the legislative framework related to corporate governance, and
it will work with the local media to raise public awareness about the importance
of the issue.
“We very much appreciate that IFC is
taking an interest in improving corporate governance in the Kyrgyz Republic,
and we believe that the project will have a positive impact on the country’s
investment climate,” said Yurusaln Toichubekov, Head of the State Service
for Supervision and Regulation of the Financial Market.
Karl Bach, Project Manager of the IFC
Central Asia Corporate Governance Project, said, “The Kyrgyz team has
a unique opportunity to improve clients’ knowledge and practices, drawing
on IFC’s extensive experience with corporate governance projects throughout
the region as well as international best practices.”
The IFC Central Asia Corporate Governance
Project launched in Kazakhstan in 2006 and in Tajikistan the following
year. As of June 2007, more than 8,300 companies in the Commonwealth of
Independent States had received training or consultations from IFC on corporate
governance. These firms have attracted more than $2.3 billion in investments,
including $112 million from IFC.
IFC, a member of the World Bank Group,
fosters sustainable economic growth in developing countries by financing
private sector investment, mobilizing private capital in local and international
financial markets, and providing advisory and risk mitigation services
to businesses and governments. IFC’s vision is that people should have
the opportunity to escape poverty and improve their lives. In FY07, IFC
committed $8.2 billion and mobilized an additional $3.9 billion through
syndications and structured finance for 299 investments in 69 developing
countries. IFC also provided advisory services in 97 countries. For more
information, visit www.ifc.org.