In Bishkek, the Kyrgyz Republic, Chingiz Makeshov owns a jewelry-making business that employs about 80 people. Over his eight years in business he has seen the number of government inspections fall sharply, and that’s a good thing.
Corporate governance is a relatively new concept in Central Asia. But more and more executives are beginning to understand that good corporate governance makes companies more transparent, accountable, and trustworthy.
In Europe and Central Asia (ECA), we support economic development by expanding access to finance, improving infrastructure, and tackling climate change through a mix of investments and advisory services. With continued euro zone volatility, IFC supports diversification and ensures access to basic goods and services to create opportunity for people to escape extreme poverty and promote shared prosperity.
In fiscal year 2013 (July 1, 2012 - June 30, 2013), IFC committed $4.5 billion in 131 projects across 20 countries ($3.3 billion from our own account; $1.2 billion in syndicated and parallel loans and investor funds).
ECA Advisory Services helped governments reform business permits, inspections, trade regulations and tax-administration systems, helping reduce administrative costs for the private sector by over $52 million per year, significantly improving the region’s business climate.