Press Releases

IFC Helps Develop Corporate Governance in Eurasia to Boost Regional Economies

In Baku:
Rasmina Gurbatova
Phone: +99 412 497 7698

Baku, Azerbaijan, May 27, 2011—IFC, a member of the World Bank Group, together with the Global Corporate Governance Forum is training local trainers in Eurasia region to help disseminate improved corporate governance services, thereby attracting foreign investment and boosting regional economies.

A “Governing Banks Board Leadership Program” held this week in Baku taught trainers how to use the Forum’s Board Leadership Training Resources and Governing Banks supplement, which will help them improve their ability to prepare yet other trainers. Participants from Azerbaijan, Georgia, Kazakhstan, Mongolia, Tajikistan, Turkey and Ukraine learned how to lead director education programs that reflect international best practices adapted to regional trends and country-specific needs.  

"It is important to build the local expertise and training capacities to ensure the sustainability of corporate governance reform efforts and the provision of world class training methods for board directors and companies," said Philip Armstrong, director of the Forum. "Our train-the-trainers program builds upon our experience in enhancing the skills of trainers of directors and draws upon the Forum's extensive experience from its work across the globe, with specific focus on emerging markets."

“I was impressed by the level of commitment from the local trainees and by the level of interaction at the workshop,” said Miroslav Veprek, Program Manager at the Swiss State Secretariat for Economic Affairs (SECO), which is co-sponsoring this initiative together with the Development Bank of Austria. “Building local capacity is a priority for us as donors and I am pleased to see that our efforts are well on track.”

The Forum has developed the Corporate Governance Board Leadership Training Resources to serve the growing need for curriculum and teaching methodologies relevant to corporate governance training provided by Institutes of Directors, Corporate Governance Associations, professional bodies, universities and other educational establishments. Developed by experienced professionals in corporate governance, adult education, and communication, this material can be used to educate new and experienced directors. Since 2008, the Training Resources has been accepted and adapted by director training institutions in over 50 countries around the world.

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

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