IFC and Switzerland Collaborate to Promote Corporate Governance and Jobs
April 14, 2014 – 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.
“The recent financial crisis is also a reminder of the global implications of corporate governance failure,” said State Secretary Marie Gabrielle Ineichen-Fleisch. “Together with IFC we want to set the right governance benchmarks when supporting the private sector in development.’’
Under the agreement, the Swiss Secretariat for Economic Affairs, or SECO will contribute more than $16 million to support IFC’s Advisory Services for corporate governance initiatives in East Asia & the Pacific, Latin America & the Caribbean, and Sub-Saharan Africa regions in close collaboration with the World Bank. These corporate governance programs will help private sector companies to work with greater transparency, accountability, and operational efficiency.
In addition, SECO will provide $1.5 million to support the 'Let's Work' global partnership, an IFC initiative that coordinates a global coalition of private sector stakeholders, international finance institutions, and development partners to create more and better jobs.
SECO's funding of 'Let's Work' will be integral to the development and implementation of a job creation strategy in 6 to 8 pilot countries over the next three years.
“A job is the surest path out of poverty, and the private sector provides nine out of every 10 jobs,” said Jin-Yong Cai, IFC’s Executive Vice President and Chief Executive Officer. "IFC’s partnership with SECO will support companies’ efforts to grow and create jobs while mitigating risks in the most effective ways."
SECO's commitment to a sustained partnership with the World Bank Group is a strong endorsement of our organization's strategic goals, and also a reminder that strong development partnerships are a key component to effective engagement with all stakeholders in the fight against poverty.
This agreement solidifies the cooperation between Switzerland and IFC Advisory Services, which dates back to 1989. Over the last five years, SECO’s support has totaled $184.5 million.