IFC Helps Two Kazakh Companies Improve Corporate Governance Practices
OREANDA-NEWS. On 23 April 2009 was announced, that IFC, a member of the World Bank Group, is helping two leading financial institutions in Kazakhstan improve corporate governance practices, which could help strengthen their businesses during a time of financial crisis and make them more attractive for investors.
KazMicroFinance and the Oil Insurance Company have joined IFC’s Central Asia Corporate Governance Program, a project that works with local companies to help them become more sustainable and potentially draw more investment, which is lacking in
“Good corporate governance can help Kazak companies better manage challenges and opportunities arising from the global economic crisis,” said Tomasz Telma, IFC Senior Manager for
IFC will advise and train directors, managers, and key shareholders of each company. Strengthening their governance practices and businesses will also enable the companies to better serve their corporate and retail clients across the country.
Oil Insurance Company is one of the largest insurance companies in
KazMicroFinance is a leader in
The two companies are well-known in the Kazakh market and their efforts to improve corporate governance will serve as role models for other market participants.
Since 2006, IFC has worked to improve the corporate governance practices of companies and banks across
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