Tajik companies that want to improve their corporate governance currently lack national guidance on how to proceed. To help address that problem, IFC’s Central Asia Corporate Governance Project recently organized a roundtable discussion that brought together government representatives and a variety of local stakeholders. The participants agreed to work together to develop a national corporate governance code that will make Tajik companies more transparent and attractive to foreign investors.

“The time has come to develop a national corporate governance code of best practice in Tajikistan,” said Vyacheslav Piyarov, a legal consultant to Agroinvestbank who participated in the discussion. “It will improve the investment climate in the country and bring internal governance of the market players to international standards. We welcome IFC, which plays an important role in this process by sharing its international expertise.”

Tahmina Nurova, team leader of the IFC advisory project, said many Tajik joint-stock companies have expressed a desire to see national corporate governance regulations raised to international standards. “The participants also discussed the code’s framework and content, and decided on the first practical steps,” she said.

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. IFC new investments totaled US$16.2 billion in fiscal 2008, a 34% increase over the previous year.