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IFC, Egyptian Institute of Directors Promote Corporate Governance


In Cairo
Amira El Saeed

Phone: +20 (2) 2461-9150        

Email:
aagag@ifc.org

Egidio Germanetti
Phone: +20 (2) 461-9150 Ext. 314
Email:
egermanetti@ifc.org

Riham Mustafa  

Phone: +20 (2) 461-9150 Ext. 314
Email:
rmustafa@ifc.org


Cairo, March 26, 2007—The Egyptian Institute of Directors, in cooperation with IFC, the private sector arm of the World Bank Group, today launched the 2007 Best Annual Report and Best Web Site competitions, inviting all listed companies in Egypt to participate. This initiative represents a joint effort to improve corporate governance practices in the country. It is supported by IFC Advisory Services for the Middle East and North Africa – PEP-MENA.

The competitions aim to improve the timeliness and quality of information disclosed by Egyptian companies to shareholders, creditors, employees, and other stakeholders. The winner of each competition will receive a trophy and serve as an example of best practice for other companies.


Dr. Ashraf Gamal, Executive Director of EIOD, said,”These competitions serve as a powerful tool to stimulate competition among Egyptian companies. They are expected to improve the quality of the information disclosed and the level of transparency within companies. This, we hope, will promote inflows of reliable information to the market, attracting a higher number of investors and creditors to generate business for listed companies in Egypt.”


The award committee will judge each entry based on strict criteria, including compliance with Egyptian accounting standards, listing rules for the Cairo and Alexandria stock exchange, and the EIOD’s corporate governance code for listed companies. The selection criteria will also take into account best practices in corporate governance, quality of information, featured results and operational highlights, management discussions and analyses, indicators on prospects, and employee relations.


The award ceremony will take place in June 2007 during the EIOD's annual conference. It will bring together corporate leaders, representatives from various regulatory bodies, entrepreneurs, and senior executives.


For more information about the competition, visit the Egyptian Institute of Directors' Web site:
www.eiod.org.

About IFC


IFC, the private sector arm of the World Bank Group, promotes open and competitive markets in developing countries.  IFC supports sustainable private sector companies and other partners in generating productive jobs and delivering basic services, so that people have opportunities to escape poverty and improve their lives. Through FY06, IFC Financial Products has committed more than $56 billion in funding for private sector investments and mobilized an additional $25 billion in syndications for 3,531 companies in 140 developing countries. IFC Advisory Services and donor partners have provided more than $1 billion in program support to build small enterprises, to accelerate private participation in infrastructure, to improve the business-enabling environment, to increase access to finance, and to strengthen environmental and social sustainability. For more information, please visit
www.ifc.org.

About IFC PEP-MENA


IFC PEP-MENA is a multidonor facility for advisory services that supports private sector development across the Middle East and North Africa. IFC PEP-MENA focuses on improving the business enabling environment, strengthening financial markets, supporting SME development, and promoting privatization and public-private partnerships. From its inception through FY06, IFC PEP-MENA has committed more than $20 million in advisory projects. Its activities are funded jointly by IFC and the following donors: Canada, France, the Islamic Development Bank, Japan, Kuwait, the Netherlands, the United Kingdom, and the United States.


About the Egyptian Institute of Directors  


The Egyptian Institute of Directors was established in 2003 as the first institute focusing on corporate governance in the Middle East and North Africa. It aims to spread awareness and improve good corporate governance practices in Egypt and the region. The institute operates under the umbrella of the Ministry of Investment and collaborates with many leading international organizations such as IFC, the World Bank, the Center for International Private Enterprise, and the Financial Services Volunteer Corps. Their activities are targeted at directors, key executives, shareholders, and other stakeholders of corporations, financial institutions, as well as state-owned enterprises.