IFC and Switzerland strengthened their partnership by signing an agreement to promote sound corporate governance practices in emerging markets and bolster economic growth by creating more and better jobs.
Two additional development finance institutions joined the Corporate Governance Development Framework, a common set of guidelines to support sustainable economic development in emerging markets, for a total of 33 signatories to date.
IFC will issue a 1 billion renminbi-denominated bond (equivalent to about $165 million) in March 2014 to increase foreign investment in China and support the internationalization of the Chinese currency.
Corporate governance refers to the structures and processes for the direction and control of companies. Corporate governance concerns the relationships among the management, Board of Directors, controlling shareholders, minority shareholders and other stakeholders. Good corporate governance contributes to sustainable economic development by enhancing the performance of companies and increasing their access to outside capital.