Jeddah – 25/1/2011: Representatives from 30 Development Finance Institutions (DFI) participated Tuesday in the opening session of the DFI fifth conference on corporate governance, at IDB headquarters in Jeddah, from 24-26 January 2011.
In his keynote speech Dr. Ahmad Mohamed Ali. IDB President underlined the importance of efforts exerted by DFIs for fostering corporate governance, noting that shortcomings in this arena, global wide, played a major role in creating the roots of the international financial crisis which hit the world in 2007 and exacerbated in 2008 and 2009 , and that the world is still suffering from its compounded repercussions.
He added that in 2007 most DFIs represented in the conference have signed the “DFI Approach Statement” on corporate governance which reflected the increasing need of DFI to help investment companies in improving their structures and practices pertaining to corporate governance which will help improve their performance and facilitate their access to capital resources in local and international markets, in addition to stepping up transparency , information disclosure and improving these companys’ decision making.
Dr. Ali stated that corporate governance will improve capital markets, expand its range and improve the security of its trading bonds.
He added that the IDB 1440H (2020G)Vision has clearly stipulated that “ The Mission of IDB is to promote comprehensive human development with a focus on the priority areas of alleviating poverty, improving health, promoting education, prospering the people and improving governance”.