IFC Helps Tajikistan’s SAS Improve Corporate Governance to Attract Investment
In Dushanbe:
Muhiddin Tojiev
Phone: (992 48) 701 14 40
Mob: (992 93) 514 33 59
E-mail: MTojiev@ifc.org
In Moscow:
Ilya Sverdlov
Phone: +7 495 411 7555
E-mail: isverdlov@ifc.org
Dushanbe, Tajikistan, February 16, 2009—IFC,
a member of the World Bank Group, is helping the Tajik agribusiness company
Soughdagroserv (SAS) improve its corporate governance practices
to strengthen its ability to attract investment, which could help create
opportunities for farmers across the food supply chain.
SAS, which is wholly owned by farmer shareholders, is the first Tajik company
to benefit from IFC’s Central Asia Corporate Governance program. Under
the program, IFC will assess SAS’ corporate governance practices and recommend
ways to align them with international best practices. IFC also will provide
advice and training for SAS staff and shareholders.
“The financial crisis is being felt in every sphere of business across
Tajikistan, so IFC’s expert advice is very timely and much needed,” said
Abdusattor Haydarov, SAS Executive Director. “By improving our corporate
governance, we will have a better chance to attract investment and expand
our operations, thus helping to better serve our community and shareholders.”
Tajikistan’s agricultural sector is the main source of income for much
of the country, employing over 60 percent of its workforce. But equipment
and management practices remain outdated. Financing, which is vital for
farmers to modernize and expand their operations, remains limited. IFC’s
work with SAS is expected to have a broad effect, by demonstrating that
good corporate governance can bring benefits for the entire Tajik business
community.
SAS provides financial, marketing, retail and other services to farmers,
manufacturers, and cotton and other agricultural processing firms along
the entire chain of the agricultural process. The company operates primarily
in rural areas of Tajikistan, helping to promote increased income for local
farmers by creating opportunities for independent production and commercial
farm activity.
Since 2006, IFC has worked to improve corporate governance of companies
and banks across Central Asia, helping them enhance operations and increase
their ability to attract investment.
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to
escape poverty and improve their lives. We foster sustainable economic
growth in developing countries by supporting private sector development,
mobilizing private capital, and providing advisory and risk mitigation
services to businesses and governments. Our new investments totaled $16.2
billion in fiscal 2008, a 34 percent increase over the previous year. For
more information, visit www.ifc.org.
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