IFC, Regional Stock Exchange Strengthen Corporate governance in West Africa

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Abidjan, Ivory Coast, January 10, 2019 – IFC, a member of the World Bank Group, and the Regional Stock Exchange (BRVM) signed today a cooperation agreement to improve the corporate governance practices of companies listed on the BRVM.

 This agreement will allow IFC to support the BRVM in the design, development, drafting and implementation of a corporate governance code.

In West Africa to corporate governance practices lag behind the international standards. These include, among others, the lack of specific guidelines on corporate governance that would serve as a reference for companies to improve their practices.

As part of this partnership, IFC and the BRVM will provide market actors a platform of principles and governance standards that will help them build their practices gradually and sustainably.

The experience gained from the implementation of corporate governance codes in other regions has shown the interest of such an approach to improve business practices.

The implementation of a code in West Africa will lead to greater transparency and will help develop more confidence from investors whose capital is useful for the development of capital markets in the region.

Adamou Labara, Acting Country Manager of IFC for the Ivory Coast, said: “Through this partnership, the BRVM can draw on the global expertise of IFC’s corporate governance to help area businesses to improve their access to capital.”

Edoh Kossi Amenounve, General Manager of the BRVM, said. “This agreement with IFC demonstrates our commitment to adopt best practices. Our goal is to strengthen the capacity of listed companies through the development and implementation of the Governance Code business and increase their access to finance. ”

IFC’s Corporate Governance Program aims to improve the performance of African enterprises and increase the market’s ability to attract and retain investment.

IFC has helped more than 11,000 companies in over 30 countries to implement governance best practices, which allowed them to get over 3.2 billion in new financing

Instructively, IFC, a sister organization of the World Bank and a member of the World Bank Group, is the largest global development institution dedicated to the private sector in emerging markets.

Working with more than 2000 companies worldwide, we use our capital, expertise and influence to create markets and opportunities in the most difficult areas of the world.

In FY 2018, IFC provided over 23 billion in long-term financing for developing countries, taking advantage of private sector power to eliminate extreme poverty and promote shared prosperity.

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