In addition to seminars, workshops and in-depth consultations, the project will also build the capacity of small and medium enterprises to manage risk and recover from the crisis. The project will also support government efforts to improve the legislative framework related to corporate governance, and help universities incorporate corporate governance into their curriculum.

“The UK Department for International Development sees the introduction of corporate governance standards in Central Asia as great value for money from UK aid,” said Sobir Kurbanov, Economic Advisor for the Department for International Development. “Corporate governance is a very important precondition for a favorable investment climate.”

By 2015, this project could facilitate approximately $14 million of additional investments into the corporate and banking sectors of Tajikistan and the Kyrgyz Republic. New investment would generate jobs in the private sector and improve access to finance for the region’s banks, which is one of the UK Government’s development policy priorities.

“Good corporate governance is an important element of companies’ long-term growth, adding value to businesses and bringing them better performance,” said Caroline Bright, IFC Project Manager. “The project reflects IFC’s strategy to promote sustainable private sector investments in developing countries.”