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
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.
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