The International Finance Corporation (IFC) is an international financial institution that offers investment, advisory, and asset management services to encourage private-sector development in less developed countries. The IFC is a member of the World Bank Group and is headquartered in Washington, D.C., in the United States.
It was established in 1956 as the private-sector arm of the World Bank Group to advance economic development by investing in for-profit and commercial projects for poverty reduction and promoting development. The IFC’s stated aim is to create opportunities for people to escape poverty and achieve better living standards by mobilizing financial resources for private enterprise, promoting accessible and competitive markets, supporting businesses and other private-sector entities, and creating jobs and delivering necessary services to those who are poverty-stricken or otherwise vulnerable.
Ukraine joined the IFC in 1993.
Since its establishment, CGPA has been actively cooperating with IFC in all areas of its activity. In September 2013, IFC and CGPA signed the Framework Cooperation Agreement making CGPA the official IFC’s partner on corporate governance efforts in Ukraine. There were many seminars, training programs, round-tables, conferences, and annual forums of corporate secretaries and directors within the cooperation with IFC.
Since 2013 CGPA was the only partner of the IFC to promote and establish good corporate governance in Ukraine.
IFC supported a series of projects on corporate governance development in Ukraine. Specifically, IFC supported CGPA in establishing and developing corporate secretaries as corporate governance professionals in Ukraine. IFC’s Corporate Secretaries’ Toolkit and the Board Leadership Training Resources Toolkit are used by CGPA for its certified program to train Ukrainian corporate secretaries and directors.
In cooperation with CGPA, IFC organized and held six Annual International Corporate Secretaries’ Forums and annual professional competitions, “Corporate Secretary of the Year”, which are unique by their nature in Ukraine.
Since 2016 IFC has been co-organizer of the four Annual International Corporate Directors Forums.
In addition, IFC and CGPA jointly organized and held a number of seminars and workshops on a broad spectrum of CG issues.
In September 2020, CGPA became the IFC’s local partner in implementing the Integrated Environmental, Social, and Governance (ESG) Standards Program in Europe and Central Asia.
In March 2021, CGPA in cooperation with IFC held a training for trainers and consultants who advise companies on corporate governance issues “Commitment to Corporate Governance and Board of Directors”.
In May 2021 the Corporate Governance Professional Association in partnership with IFC at the request of the EBRD held a series of online workshops on “Corporate Governance for SMEs” for consultants and all interested parties.