PROJECT

Projects

Summary of Advisory Services Project Information

Project Number

586209

Primary Business Area

Sustainable Business Advisory

Disclosure Date

Jan 13, 2014

Country

Eastern Europe Subregion

Region

Europe

IFC Approval Date

Apr 10, 2012

Status

Completed

Estimated Total Budget

$4,810,498.00
(Project budget includes all project-funded activities)

Last Updated Date

Jun 12, 2021

Project Estimated End Date

Dec 31, 2015

Project Description

IFC will provide demand-driven corporate governance advisory services based on its established delivery methodology. Specifically, the Project will: 1. Build on the capacity of certain partner institutions, in selected countries in Europe and Central Asia, to deliver corporate governance services in their markets. The Project will provide training/capacity-building to partner institutions, based on IFC's corporate governance methodology, according to their needs and capacity. Such training is expected to include training of trainers and lead to the development of sustainable training institutions. Such institutions include: Corporate Governance Institute of Albania; Corporate Governance Center Foundation (Armenia); Azerbaijan Corporative & Directors Association; Azerbaijan Risk Professionals Association; Isgandarov & Partners (Azerbaijan); Advantis Broker AD (Bosnia & Herzegovina); Association of Company Board Members of Bosnia and Herzegovina; SEE Business Solutions (Bosnia & Herzegovina); Georgian Institute of Directors; Georgian Banking Training Center; Governance & Management Consulting LLP; Sayat Zholshy and Partners Attorney Office (Kazakhstan); Regional Technology Center Shpk; Recura sh.a (Kosovo); Macedonian Institute of Directors; WM Equity Partners (Serbia); Chamber of Commerce & Industry of Serbia. 2. Work at the firm level to improve the corporate governance practices of companies in Europe and Central Asia in order to improve their performance and access to capital through the implementation of corporate governance recommendations. This will be achieved through the delivery of one-to-one consulting work as well as training events and workshops. Such client companies include: Vino Zupa AD (Serbia); Shen Concern OJSC (Armenia); Tribest doo (Bosnia and Herzegovina); Bekto Precisa doo (Bosnia and Herzegovina); Bystro Bank OJSC (Russian Federation); AGS Limited (Albania); NTSh Elen (Kosovo); Sharrcem ShpK (Kosovo); Inecobank CJSC; (Armenia); Aqroinvest Credit Union, LLC (Azerbaijan); R&S doo (Bosnia & Herzegovina); Georgian Credit JSC; Geocapital Microfinance Organization LLC; Basis Bank JSC (Georgia); Meridian Corporation ShpK (Kosovo); Unipromet doo (Serbia). 3. Support, on a more limited basis, the development of the corporate governance enabling/regulatory environment. The Project will aim to introduce corporate governance component into legislation or regulation as well as to develop, update, and/or improve corporate governance code and scorecards. IFC has also signed an agreement with Sarajevo Stock Exchange (Bosnia and Herzegovina) to support the development of a Publication for the Exchange's Annual Conference, 2013. IFC has also signed an agreement with Women Entrepreneurs Association 'ONE' (Bosnia and Herzegovina) for the joint organization of a Conference on Board Diversity and Women Leadership.

Development Results

E&S Risks / Impacts and Mitigation