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IFC and Central Bank of Iraq to Strengthen Corporate Governance in the Banking Sector

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IFC and Central Bank of Iraq to Strengthen Corporate Governance in the Banking Sector

from International Finance Corporation
Published on 20 Feb 2018

Baghdad, Iraq, February 20, 2018—IFC, a member of the World Bank Group, and the Central Bank of Iraq are launching a series of specialized workshops, starting today, to raise corporate governance standards in Iraqi banks and strengthen the country’s banking sector.
IFC’s advisory services team will support the Central Bank in implementing its new mandatory corporate governance banking guidelines. IFC will initially train all key managers in the Central Bank and then roll out workshops to board members from all the country’s banks. Topics include understanding the unique nature of governance in the sector, the right composition of boards, and risk management best practice.
Aly Al Alaq, Governor of the Central bank said: “Helping banks implement sound corporate governance practices will increase the sector’s resilience and sustainability and make them more investment-friendly, enabling banks to not only boost efficiency, but also increase profit.”
The initiatives are part of IFC’s strategy to spur private sector growth in Iraq and scale up support for fragile and conflict-affected states, where private sector investment is key. For companies operating in conflict-affected environments, strong corporate governance can be vital for sustainability.
“Our aim is to foster a positive corporate governance culture within which banks in Iraq can operate, to strengthen the sector and drive growth,” said Ziad Badr IFC Principal Country Officer in Iraq. “Improved practices help attract direct investments and ultimately stimulate social welfare and economic growth.”
IFC has been working to improve corporate governance in Iraq since 2014. As well as working with local institutions, in May 2017, IFC launched the country’s first independent institute of directors—the Kurdistani Institute of Directors (KIoD)—alongside the Erbil Chamber of Commerce and Trade, which advises on best practice and strengthening the role of independent directors and boards.
IFC’s advisory work in Iraq focuses on building the capacity of financial institutions, supporting governments, helping private firms improve their environmental, social, and governance standards, and mobilizing private investments through public-private partnerships.



IFC is cooperating with the Iraqi Central Bank to strengthen corporate governance in the banking sector


Baghdad / Iraqi National News Agency / nina /:
Launched the International Finance Corporation, a member of the World Bank Group, in cooperation with the Central Bank of Iraq, a series of specialized workshops designed to raise standards of corporate governance in Iraqi banks and the strengthening of the banking sector's performance in the Alarac.ozkr statement of UNAMI in Iraq, that "the Advisory Services team of Finance Corporation international will provide the necessary support to the Central Bank in the application of the guidelines for the new mandatory corporate governance in the banking sector. The IFC will begin training for senior managers at the Central Bank, then the members of the boards of directors of all banks operating and training topics will include: understanding of private governance in the banking sector nature, and the optimal configuration of the boards of directors, international practices and risk management. " This initiative comes within the framework of IFC's strategy to stimulate private sector growth in Iraq, and expanding support for countries affected by conflict, as can private sector investment could play a key role in economic growth. As well as strong corporate governance will contribute to support the sustainability of companies in Iraq. For his part, Ziad Badr, Resident Representative of the International Finance Corporation in Iraq, said: "Our goal is to instill a culture of corporate governance in a positive manner, allowing Iraqi banks to work within its framework, as well as strengthening the banking sector and drive growth in Iraq. The improved practices will help attract direct investment, which will lead to increased prosperity and economic growth rates. » While stressing the Governor of the Central Bank of Iraq on the Keywords: "Helping banks to implement corporate governance good practices will contribute to strengthening the resilience of the banking sector and its sustainability and its ability to adapt and survive, and make it more convenient for investment, which will allow banks to improve the efficiency of its performance, as well as increasing their profits." The IFC to improve the performance of partnerships governance in Iraq since 2014. In addition to its cooperation with local institutions, IFC launched in May 2017, the first independent Institute of Directors - Institute of Kurdistan for managers (KIoD), as well as assisting the Chamber of Commerce industry Erbil to provide consultancy on the best corporate governance practices in order to enhance the role of boards of directors and managers Almstkulain.oahdv advisory services program of the international Finance Corporation in Iraq to build the capacity of financial institutions, and government support, and help private companies improve environmental standards, socio Governance standards of consciousness and have, as well as the mobilization of private investment by encouraging partnerships between the public and private sectors.


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