IFC and National Bank of Georgia Collaborate on Governance and Finance

IFC (International Finance Corporation), a member of the World Bank Group, has signed a cooperation agreement with the National Bank of Georgia to enhance environmental, social, and corporate governance standards in the private sector and help commercial banks and companies improve performance, enhance competitiveness, and attract investment.

IFC will advise the National Bank on developing corporate governance regulations for public companies and commercial banks, with a special emphasis on environmental and social issues. The IFC-supported Sustainable Banking Network (SBN) will work with the National Bank to design a sustainable finance roadmap, develop a regulatory framework, and provide technical guidance, along with offering assistance to financial institutions on how to develop and issue green- and climate-finance products such as green bonds.

To celebrate the signing of the cooperation agreement and promote an exchange of global and regional experiences, IFC, the SBN, and the National Bank hosted Tbilisi’s first sustainable finance workshop on Wednesday, with more than 50 attendees from Georgia’s financial sector, the SBN, and central banks from the region.

By Samantha Guthrie

Photo: IFC