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IFC supports National Bank of Georgia in amending Corporate Governance Code

Finance Materials 25 September 2021 11:25 (UTC +04:00)

BAKU, Azerbaijan, Sept. 25

Tamilla Mammadova – Trend:

The International Finance Corporation (IFC), in partnership with the Swiss State Secretariat for Economic Affairs SECO, supported the National Bank of Georgia in amending the Corporate Governance Code for Commercial Banks, Ivana Fernandes Duarte, IFC’s Regional Manager for the South Caucasus told Trend.

According to her, this amendment is aiming to update the existing environmental, social, and corporate governance (ESG) framework.

"The amendments were adopted in June 2021. Considering that scorecards are increasingly the tool of choice to measure the quality of corporate governance implementation, IFC’s advisory team supports the National Bank of Georgia in developing an ESG Scorecard, which will enable the National Bank to better supervise the implementation of the Code," she said.

According to Duarte, apart from reducing the risk of “greenwashing”, a strong ESG framework serves as a prerequisite for sustainable finance while inspiring confidence among investors and encouraging them to invest in sustainable finance products.

Georgia became an IFC member and shareholder in 1995.

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