Dushanbe, Tajikistan, February 5, 2009—IFC,
a member of the World Bank Group, is helping improve the investment climate
in Tajikistan by getting banks, private companies, NGOs, and other stakeholders
to work with the government to develop a national corporate governance
code that would reflect international best practice.
Tajik companies that want to improve
their corporate governance currently lack national guidance on how to proceed.
To help address that problem, IFC’s Central Asia Corporate Governance
Project recently organized a roundtable discussion that brought together
government representatives and a variety of local stakeholders. The participants
agreed to work together to develop a national corporate governance code
that will make Tajik companies more transparent and attractive to foreign
“The time has come to develop a national
corporate governance code of best practice in Tajikistan,” said Vyacheslav
Piyarov, a legal consultant to Agroinvestbank who participated in the discussion.
“It will improve the investment climate in the country and bring internal
governance of the market players to international standards. We welcome
IFC, which plays an important role in this process by sharing its international
Tahmina Nurova, team leader of the IFC
advisory project, said many Tajik joint-stock companies have expressed
a desire to see national corporate governance regulations raised to international
standards. “The participants also discussed the code’s framework and
content, and decided on the first practical steps,” she said.
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, visit www.ifc.org.