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IFC Signs Memorandum with Jordan’s Companies Control Department to Promote Corporate Governance Practices


In Amman:
Riham Mustafa
Phone: +202 24 619 140
RMustafa@ifc.org

Amman, Jordan, May 23, 2011—IFC, a member of the World Bank Group, today signed a memorandum of understanding with Jordan’s Companies Control Department (CCD) to support the promotion of good corporate governance practices, helping Jordanian companies improve their operations and making them more attractive to investors.

IFC will help establish a corporate governance unit within the CCD that will raise awareness about the benefits of corporate governance and assess Jordanian companies’ governance structures. IFC will also assist the CCD in establishing a corporate governance code for registered companies.

“This step confirms the commitment of the Companies Control Department to developing the private sector in Jordan and helping companies adopt high standards of corporate governance to improve their practices,” said Bassam Talhouni, General Controller of the CCD. “We are pleased to draw on IFC’s considerable experience to launch this initiative.”

The Companies Control Department is a non-governmental entity established as an independent department from Jordan’s Ministry of Industry and Trade in 2003. CCD supports investors by providing simple and efficient company registration services, as well as other legal and financial information services.

“IFC is pleased to help bring CCD’s corporate governance unit into existence,” said Ahmed Ali Attiga, IFC Principal Country Officer in Jordan. “Corporate governance has become a vital area that can help improve the standards and the performance of institutions.”

IFC, through its Middle East and North Africa Corporate Governance Program, is working to help improve corporate governance practices in the region’s private and public sectors. In Jordan, IFC has worked extensively to promote a culture of corporate governance among companies by partnering with local institutions to provide corporate governance seminars and workshops, promoting corporate governance practices among small and medium enterprises, and raising awareness about the importance of gender diversity on boards.

About IFC

IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. We create opportunity for people to escape poverty and improve their lives. We do so by providing financing to help businesses employ more people and supply essential services, by mobilizing capital from others, and by delivering advisory services to ensure sustainable development. In a time of global economic uncertainty, our new investments climbed to a record $18 billion in fiscal 2010. For more information, visit www.ifc.org.

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