Rabat, Morocco, October 23, 2008—IFC,
a member of the World Bank Group, is today holding a one-day workshop to
provide comprehensive corporate governance training to microfinance institutions
in the Maghreb region. The workshop, being held in Rabat, is designed to
help microfinance institutions improve corporate governance practices to
strengthen their operational and financial performance and enable them
to increase access to microfinance in the region.
Through the training IFC will work with the microfinance institutions'
senior management and board members to emphasize the importance of corporate
governance, highlight international best practice, and focus on corporate
governance solutions for issues faced by microfinance institutions in the
Mahgreb region. The workshop will also provide an opportunity for the microfinance
institutions from Morocco and Tunisia to share their experiences in developing
good governance practice.
Momina Aijazuddin, IFC Microfinance Program Manager, Middle East and North
Africa, said, "Moroccan microfinance institutions are at an important
stage in their development as they consolidate growth, scale up to meet
demand, and integrate into local and financial markets. A strong corporate
governance system is critical to achieving these goals, and IFC will continue
to support microfinance institutions in the Mahgreb region in meeting this
IFC provides investment and advisory services to support the development
of the microfinance industry in Morocco. It has invested $53.6 million
in the microfinance sector in Morocco, including in Jaida, a local microfinance
investment fund. IFC has supported the major industry players in developing
their institutional capacity by strengthening human resources, internal
control, and risk management functions.
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.