Gudauri, Georgia, November 19, 2008—IFC,
a member of the World Bank Group, is working with the Supreme Court of
Georgia to improve governance of the country’s court system, which could
boost private-sector development by speeding up resolution of business
disputes and improving public confidence in the system.
IFC will hold a series of roundtable discussions with Georgian judges about
ways to improve governance of the court system. The first discussion will
be held in Gudauri on November 21 and November 22. The Canadian International
Development Agency and BP and Its Oil & Gas Partners are helping to
finance the initiative.
IFC and the Supreme Court of Georgia plan to publish recommendations from
participating judges and IFC experts for the courts’ future use. “With
help from IFC experts, these discussions and training activities for our
judges will help the Supreme Court of Georgia bring the country’s judiciary
system in line with best international governance practices,” said Mikheil
Gogishvili, Deputy Chairman of the Supreme Court of Georgia.
A lack of confidence in the Georgian judiciary system sometimes prevents
Georgian businesses from taking disputes to the courts. IFC is helping
judges acquire a deeper understanding of the implications of corporate
laws, so they can make more informed decisions and also speed up the resolution
of business disputes.
Maia Tevzadze, Deputy Project Manager of the IFC Georgia Corporate Governance
Project, said: “It is very important to ensure that the best practices
introduced in the country's legal system are properly implemented. Consultations
with Georgian judges and effective training on how to interpret the Georgian
Company Law will lead to more informed and transparent decisions in the
The IFC Georgia Corporate Governance Project has been promoting the benefits
of sound corporate governance in Georgia since 2003. To date, the project
has consulted more than 100 lawyers and financial specialists, trained
400 representatives of Georgian companies and banks, drafted four laws
and regulations, and conducted two corporate governance surveys. The
project has enabled client companies to attract $59 million in investments
that have been attributed to improvements in corporate governance.
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.
For more information about IFC’s partners and donors, visit:
Supreme Court of Georgia, www.supremecourt.ge
The Canadian International Development Agency, www.acdi-cida.gc.ca/index.htm