Tbilisi, Georgia, November 19, 2009—IFC,
a member of the World Bank Group, is training board members of Georgian
companies and banks on best practices of performing their duties at times
of economic downturn, helping them minimize the impact of crises and maintain
In cooperation with the Center for Training and Consultancy, IFC today
held a one-day workshop in Tbilisi for the board members of Georgian companies
and banks. The initiative is a part of IFC’s broader crisis-response initiative
focused on strengthening local banks and companies to make them more sustainable.
Along with continuing investing in sectors critical for sustainable development,
IFC shaped its advisory programs to better help clients in the crisis.
As part of the strategy, IFC is working to improve the competence of the
supervisory boards of companies in emerging markets through targeted training.
“When crisis hits, as we are seeing today, the entire board of directors
is often called upon to step into the role of crisis managers of the enterprise,”
said Davit Karapetyan, IFC’s Corporate Governance Officer. “To address
this increasing role, IFC is launching a training program on board oversight
of crisis management.”
Experts from a top business school, International Institute for Management
Development, shared their first-hand experience about board actions in
crisis conditions. The workshop included sessions on types and sources
of crises, how to spot crises early, possible consequences in emerging
countries, and what boards can do.
IFC, the largest multilateral financial institution investing in the private
sector in emerging markets, has launched a broad and targeted set of initiatives
to help private enterprises cope with the current downturn. Worldwide
financing for these initiatives is expected to total more than $31 billion
over the next three years.
IFC is the only international financial institution focused exclusively
on the private sector, the engine of sustainable development in emerging
markets. Along with IBRD, it is currently seeking a capital increase
to strengthen its ability to create opportunity for the poor in developing
countries—including by establishing new crisis-response programs in risk
management to help companies maintain development during the economic downturn.
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 $14.5
billion in fiscal 2009, helping channel capital into developing countries
during the financial crisis. For more information, visit www.ifc.org.