IFC and Central Bank of Iraq to Strengthen Corporate Governance in the Banking Sector [EN/AR]

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

21/2/2018

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.