International Finance Corporation – Improving Corporate Governance in Central Asia

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Project Status: Active
Project at-a-glance
Project Name Improving Corporate Governance in Central Asia
Sector/Subsector Governance
Country Kyrgyz Republic
Project Opening Date 2008
Project Closing Date Present
Responsible Institution
Responsible International Financial Institution International Finance Corporation
Objectives
Strategic Agenda

To increase energy efficiency in industrial sectors and reduce GHG emissions via collaboration with the financial sector.

Description

Good corporate governance is important both for companies to achieve stable development and for countries in general striving to foster investment in the private sector. Companies in Kyrgyz Republic and Tajikistan need to substantially improve corporate governance to win shareholders’ confidence, reduce the risk of financial crises, and ease access to capital.

The Project is working in the Kyrgyz Republic and Tajikistan on the following principle activities:

  • Working with joint-stock companies and banks to implement and improve corporate governance practices. IFC support focuses on improving board practices, shareholder rights, internal and external controls, risk management, transparency, and reporting.
  • Advising on improvements to the legislation and regulatory environment regulating corporate governance issues in countries.
  • Partnering with local educational and training institutions to help develop corporate governance programs.
  • Conducting a public education campaign to raise awareness about corporate governance in Central Asia.
    The project implemented the Pilot Program, which means close work with selected companies and banks on.

IFC helped the Kyrgyz government adopt amendments to the Kyrgyz law on joint-stock companies introducing mandatory cumulative voting.

IFC advised the Tajik government on drafting and promoting the National Corporate Governance Standards, a national guidance for Tajik companies on how to improve their corporate governance.

IFC is advising the State Service for Supervision and Regulation of the Financial Market of the Kyrgyz Republic on developing a national Corporate Governance Code.

IFC partnered with a number of companies and banks in the Kyrgyz Republic and Tajikistan to implement a Pilot Program, an assessment of corporate governance practices.

IFC provided corporate governance to more than 300 Tajik companies that helped them enable $15 million in investment.

Source of Funding
  • International Finance Corporation
  • United Kingdom’s Department for International Development
Amount of Funding N/A
Project Outcome

Increased energy efficiency in industrial sectors

Business Opportunities
Consulting Services

N/A
For possible business opportunities visit eConsultant2

Procurement

N/A
For possible business opportunities visit eConsultant2

Contact Information of International Financial Institution
Organization/Department International Finance Corporation
Name Sergii Tryputen
Address Business Center Orion, 4th floor, 21 Erkindik Boulevard
Province/State Bishkek
Postal Code 720040
Country Kyrgyz Republic
Phone +996 (312) 626 162
E-mail

STryputen@ifc.org

Website

www.ifc.org