Europe and Central Asia

Promoting Investment through Integrated Environmental, Social and Governance (ESG) Standards


IFC’s ESG Program helps to promote sustainable investment into 7 selected priority countries in Eastern Europe and Central Asia, through a programmatic approach targeting ESG in both the financial and real sector:

- to improve financial sector efficiency through building sustainable financial markets that integrate ESG factors into capital allocation; and

- to improve access to investment and markets for real sector companies through enhancing their ESG practices and aligning them with international standards.

The Program is funded by the State Secretariat for Economic Affairs of Switzerland (SECO).

The ESG AS Program in ECA will be focusing on the following


What We Do

The Program aims to support the development of a range of market mechanisms to promote, incentivize and assist firms with the adoption of better ESG practices, contributing to their ability to attract sustainable investment. The Program will focus on governance practices that support sustainability, and promoting the adoption of ESG standards in the financial sector.

A key goal is to help create a conducive market environment for companies to improve ESG practices. This market work targets both financial institutions as well as real sector companies. At the level of standards, the Program supports the financial sector to apply ESG standards in financing operations, building sustainable financial markets that integrate ESG factors into capital allocation, as well as supporting the adoption of ESG standards and codes for real sector firms. The Program also builds ESG capacity of local intermediaries to provide a range of services, all related to ESG standards, directly to firms (FIs, corporates and SMEs) in order that there is local capacity on the ground following Program closure. Together with partners, the Program also delivers targeted sector activities, including publications and knowledge sharing events, to promote wider adoption and increase knowledge and demand.

To help shift market adoption, the Program targets a limited number of (potential) IFC clients in both the financial and real sector, where the Program aims to help these clients implement improved ESG practices in order to access investment, improve their performance and/or reduce risks in the portfolio. This firm work will provide cases and examples that will be used in other Program components. Specific areas of service include:

  • CG/ESG Assessments and Reviews
  • ESG Capacity building
  • ES Risk Management Assessment (for real sector companies)
  • ES Management System Diagnostic for FIs and benchmarking against good practice
  • ES Management System implementation support
  • Board practices
  • Shareholder rights
  • Internal and external controls
  • Risk management
  • Disclosure and Transparency
  • Family business governance

Where We Work

The Program’s activities are tailored to the specific needs of the following countries: Bosnia and Herzegovina, Georgia, Kosovo, Kyrgyz Republic, Serbia, Tajikistan, and Ukraine.

The ECA Corporate Governance Program is implemented by IFC in partnership with the State Secretariat for Economic Affairs of Switzerland (SECO).


Europe and Central Asia Corporate Governance Training Services, May 2016

Corporate Governance Success Stories in Europe and Central Asia, June 2015
This publication captures the experiences of seven firms in Europe and Central Asia as they have implemented corporate governance improvement initiatives with the help of IFC.

Оценка Эффективности Совета Директоров - Пособие для Собственников и Должностных Лиц Компаний, April 2014
Эта публикация адресована собственникам и должностным лицам компаний, заинтересованным во внедрении процедуры оценки совета директоров в своей компании.

Содействие компаниям в получении большей прибыли и развитии, Консультационные услуги IFC в сфере корпоративного управления:, 2013

Эффективный Совет Директоров - Пособие для собственников и должностных лиц акционерных обществ, March 2013 
В данном пособии отражены особенности создания эффективных советов директоров акционерных обществ.

Corporate Governance Screening Tool for Banking Organizations
This document describes the corporate governance screening process that will help banks to assess corporate governance in their client companies.

Azerbaijan Project Completion Report 
Between 2005 and 2011 the project worked to improve corporate governance practices in Azerbaijani companies and banks to help them enhance their operations and increase their ability to attract financing and investment.

Разработка Кодексов Hаилучшей Практики Корпоративного Управления
Страны, где налажена эффективная практика корпоративного управления, более успешно привлекают капитал.

Corporate Governance for Banks in Southeast Europe - Policy Brief 
By IFC and EBRD.

Building a Successful Corporate Governance Institute in Less Than One Year, May 2011
How the Baltic Institute became a reality and what others can learn from it.

Corporate Governance Scorecard: Versatile Tool for Companies, Investors, and Regulators, March 2011
Experiences from Southeast Europe and East Asia

Monitoring and Implementing Corporate Governance Codes: Best Practices for Listed Companies, Banks, and Financial Institutions, February 2011
Eurasia Regional Workshop #3, Baku, Azerbaijan.

IFC Family Business Governance Handbook
Also available in Albanian, Azerbaijani, Georgian, Macedonian, Montenegrin, Russian, Serbian, Turkish, and Ukranian.


March 2020

Related Links

Fact Sheet: Corporate Governance in Europe and Central Asia, October 2015

Brochure: ESG Advisory Services in Europe and Central Asia - Creating Value for Companies in the Real Sector, July 2018

Feature Story: "There are no unconquerable forces, only bad leaders", June 2013

Feature Story: Improving Corporate Governance in Southern Europe, June 2012



Caroline Bright| Belgrade, Serbia
Regional ESG Advisory Lead ECA-LAC
+381-113-308903 |

Adalyat Abdumanapova| Almaty, Kazakhstan
Corporate Governance Officer
+77-273-778289 |

Boris Janjalia| Tbilisi, Georgia
Corporate Governance Officer

Yuliya Holodkova| Bishkek, Kyrgyz Republic
Corporate Governance Officer