IFC, Sri Lanka Banks’ Association help strengthen corporate governance practices

IFC, a member of the World Bank Group, along with the Sri Lanka Banks’ Association is training bankers in Colombo on good corporate governance to help them strengthen risk management.

On Thursday in Colombo, IFC led the workshop that included sessions on the global financial crisis and its implications, new approaches to corporate governance, and risk governance. Participants included representatives from local banks, deposit-taking financial institutions, specialised financial institutions, and savings institutions, which make up Sri Lanka’s financial sector.

“An initiative of this kind will yield important benefits in spreading awareness on the latest insights into corporate-governance practices among banks as well as the wider business community,” said P. Samarasiri, Assistant Governor, Central Bank. CEOs and senior bankers heading risk and legal joined the discussions.

They also supported the ongoing dialogue to raise awareness and adopt best practices, thereby supporting local companies in improving transparency and corporate-governance performance. “IFC and Sri Lanka Banks’ Association have formed a partnership to promote training initiatives that help strengthen corporate governance in the country,” said Upali de Silva, Secretary General Sri Lanka Banks’ Association.

Martin Steindl, IFC’s Corporate Governance Specialist, led sessions on implications of the global financial crisis and risk management. He noted, “The seminar will help bankers review and update their approach to corporate governance and develop a risk-governance framework.” IFC has a long history of engagement in Sri Lanka’s financial sector. Promoting financial inclusion and facilitating the development of micro, small, and medium enterprises is a priority for IFC.

In Sri Lanka, IFC’s committed portfolio of more than $116 million spans projects across a range of sectors including infrastructure, tourism, renewable energy, banking, and health care, in addition to advisory support to small and medium enterprises. Through its Advisory Services, IFC promotes sustainable growth among small and medium enterprises by facilitating access to finance and offering capacity building and training opportunities.