Tbilisi, Georgia, September 23, 2009—IFC,
a member of the World Bank Group, cooperated with the Association of Banks
of Georgia and the Georgian Stock Exchange to develop a voluntary corporate
governance code to help banks introduce international best practices and
increase confidence in the country’s banking sector
IFC, the Association of Banks of Georgia,
and the Georgian Stock Exchange presented the code at a ceremony in Tbilisi
to representatives of leading Georgian banks and recommended it as the
basis for corporate governance policies for all banks belonging to
the association. The voluntary code sets higher standards of corporate
governance than those stipulated in Georgian law, meaning that
Georgian banks participating in the code are demonstrating their commitment
to elevate their corporate governance standards to build trust among investors.
IFC will follow up with a public awareness
campaign and hold introductory roundtables to broaden awareness of the
code’s potential to influence Georgian businesses in a positive manner.
“We are glad that more and more banks
pay special attention to corporate governance,” said Zurab Gvasalia, President
of the Association of Banks of Georgia. “The corporate governance code
will serve as a benchmark for implementing corporate practices at the bank
Maia Tevzadze, Project Manager for IFC’s
Georgia Corporate Governance Project, said: “The primary role of the corporate
governance code for banks is to raise national standards. It also will
serve as a positive market signal and help Georgian banks build and
maintain investor confidence.”
The IFC Georgia Corporate Governance
Project aims to improve the corporate governance practices of Georgian
companies and banks, thereby helping them operate more effectively and
allowing them greater access to capital. IFC is collaborating in this endeavor
with BP and the co-venturers in its oil and gas projects, as well as with
the Canadian International Development Agency.
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.
For more information about BP, visit
For more information about CIDA, visit