In Kazakhstan: Improving governance, boosting the economy

With support from IFC, member of the World Bank Group, more companies across Kazakhstan are adopting international standards in corporate governance as part of IFC's commitment to developing the private sector. Good corporate governance is very much in line with this as it improves business performance. In emerging Europe and Central Asia alone, IFC has helped businesses raise over $3 billion in financing as a result of improved corporate governance, the official website of the International Finance Corporation reads.

Experts say corporate governance is important for all parts of the Kazakh economy. "Kazakhstan needs investment, and proper corporate governance makes the country more attractive for investors, and not just in the oil and gas industries," explains Gradislava Akhmetova, who runs her own firm, Governance & Management Consulting, and is an IFC partner in Kazakhstan. "With more investment, the entire population benefits." The tenets of corporate governance even have a place in the thousands of smaller businesses across the country. In the back of a building on a busy street in Almaty, Damegul Abikhanova owns a four-person firm that makes traditional Kazakh dresses and is a client of KazMicroFinance. "There's an accounting form where I note all my expenses, I write it all down every day so I have a record," she says. As independent businesses crop up all over Kazakhstan, the idea is the same. From dresses to big corporations: better, transparent, and accountable governance leads to better decisions, resulting in improved performance and better access to capital. The IFC Corporate Governance Program in Europe and Central Asia is being implemented in partnership with the Swiss State Secretariat for Economic Affairs (SECO) and Development Bank of Austria (OeEB). For more information please visit IFC corporate governance website .