IFC Partners with the Corporate Governance Development Center to Help Mongolian Companies Improve Performance
IFC, a member of the World Bank Group, and the Corporate Governance Development Center (CGDC) have signed a cooperation agreement to help Mongolian companies improve their performance in a bid to attract new investment and boost economic growth.
Numerous studies have shown that companies with good governance typically make better decisions, perform better, and are more attractive to investors. IFC will support CGDC over the next three years to develop training programs for local consultants, deliver corporate-governance assessments for companies, and promote industry and public dialogues to encourage wider adoption of best practices such as proper public disclosure and investor protection, according to IFC.
“We have received support and assistance from IFC since our inception. IFC’s partnership was vital to CGDC becoming one of the leading institutions promoting good corporate-governance principles and practices in Mongolia,” said Tsend-Ayush Tuvshintur, Chief Executive Officer of CGDC. “This agreement will take our cooperation to the next level and further improve the quality of our services to client companies and the general public.”
In Mongolia, a sparsely populated nation with 3.2 million people, private businesses are increasingly adopting better corporate-governance standards to boost their institutional capacity and cope with recent economic turbulence. This project is part of IFC’s Corporate Governance Program in East Asia and the Pacific, funded by the State Secretariat for Economic Affairs of Switzerland, to help improve investment climates, attract investment across markets, and enhance firm performance to boost economic growth.
“By partnering with CGDC, IFC aims to promote best corporate-governance practices for Mongolian companies, making them more efficient, accountable, and transparent,” said Tuyen D. Nguyen, IFC’s Resident Representative in Mongolia. “Amid this challenging time in the Mongolian economy with a recovery on the horizon, this is an important initiative to help local companies attract much-needed investment.”