Washington, D.C., September 24, 2011 - The leaders of 25 development finance institutions today adopted the Corporate Governance Development Framework, a common set of guidelines to support sustainable economic development in emerging markets. Good corporate governance helps businesses operate more efficiently, attract capital, and safeguard against corruption and mismanagement. It makes businesses more accountable and transparent and builds investor confidence in public and private companies in developing countries. Through the Framework, the signatories hope to answer the G-20’s call for development finance institutions to strengthen their coordination and ensure accomplishment of certain key institutional reforms, such as an increased commitment to transparency, accountability, and good corporate governance. As providers of financing to companies in some of the world’s most challenging markets, development finance institutions can be leaders in promoting good corporate governance practices. The Corporate Governance Development Framework will help signatory institutions evaluate the corporate governance risks and opportunities of the companies they invest in. The signatories aim to raise awareness, both at the private and public sector levels, of the importance of good governance to sustainable economic development. They are expected to implement the Framework at their own pace and at a level that suits their institutions. They will also work together to advance the business case for good corporate governance. Each institution that adopts this Framework will: • Integrate corporate governance in its investment operations by adopting procedures and tools in line with the Framework, conduct corporate governance assessments of its investment clients, and develop action plans when appropriate. • Identify staff responsible for implementation and oversight of the Framework. • Provide or procure training to ensure capacity building and share knowledge on corporate governance. • Collaborate with other signatories to share experiences and resources on training and implementation. • Report annually on the implementation of the Framework. Institutions that signed the Corporate Governance Development Framework cover most emerging markets around the world, including Africa, Latin America and the Caribbean, Asia, Middle East, For more information on the Corporate Governance Development Framework, please visit http://dfi-cg.isdb.org/Pages/default.aspx. This Framework has been drafted to allow other investors in emerging markets to sign on to the agreement in the future. A list of participating institutions appears below. About IFC IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. It helps developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, IFC helped clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving investments to an all-time high of nearly $19 billion. For more information, visit www.ifc.org. Media contact: Vanessa Bauza vbauza@ifc.org 202-458-1603. About BIO BIO is a Development Finance Institution established in 2001 in the framework of the Belgian Development Cooperation to support private sector growth in developing and emerging countries. BIO finances the financial sector, enterprises and private infrastructure projects. Endowed with capital worth EUR 465 million, BIO provides tailored long-term financial products and finances technical assistance programmes and feasibility studies. Media contact: Emmanuelle Liessens emmanuelle.liessens@bio-invest.be +32 2 778 99 99 About BSTDB The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine. The BSTDB headquarters is in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. BSTDB is rated long-term A by Standard and Poor’s and A3 by Moody’s. See www.bstdb.org for more information. Media contact: Haroula Chistodoulou cchristodoulou@bstdb.org +30 2310290533 About CDC CDC’s mission is to be a pioneering investor, stimulating the private sector and demonstrating the power of enterprise and private capital to reduce poverty in the poorest parts of the world. Owned by the UK government’s Department for International Development, CDC is the world’s oldest development finance institution and has been investing in businesses in the developing world for over 60 years. CDC concentrates on the low and lower-middle income countries of sub-Saharan Africa and South Asia where 70% of the world’s poor live. In lower-income countries, CDC’s investments focus is on regions and sectors of need where capital is scarce. Media contact: Miriam de Lacy mdelacy@cdcgroup.com +44 207 484 7711 About COFIDES Operating since 1990, COFIDES provides cost-effective financial support for projects in developing, transitional and emerging countries in which Spanish companies are involved as investors. With own resources over €60 million, COFIDES is 61% owned by the Spanish Government while 39% is held by the three largest Spanish commercial banking groups. COFIDES manages two Spanish Government trust funds established to support Spanish investments abroad (FIEX and FONPYME) and cofinancing facilities established with Multilateral Financial Institutions. Media contact: Fernando Aceña fernando.acena@cofides.es +34 91 745 44 85 About DEG DEG, member of KfW Bankengruppe (KfW banking group), has been specialising in long-term project and corporate financing since 1962. As one of Europe’s largest development finance institutions, DEG structures and finances investments by private companies in Africa, Asia, Latin America as well as in Central and Eastern Europe. DEG invests in profitable projects that contribute to sustainable development in all sectors of the economy, from agriculture to infrastructure and manufacturing to services. One focus is on investments in the financial sector in order to facilitate reliable access to investment capital for enterprises. Media contact: Christiane Rudolph Christiane Rudolph@deginvest.de +49 221 4986 1530 About FINNFUND Finnfund is a Finnish development finance company that provides long-term risk capital for private projects in emerging markets and certain transition economies. By sharing risks with the sponsors, Finnfund seeks to promote investments that are not only profitable but also environmentally and socially sound. Finnfund invests mainly with Finnish companies but can also finance their local partners, such as long-term customers, suppliers, subcontractors and companies that license technology. In addition, Finnfund can co-invest with other development finance institutions in projects that do not directly involve Finnish business but that generate significant environmental or social benefits. Renewable energy, forestry and telecommunications are among the industries where Finnfund is eager to co-finance projects with other development financiers. Media contact: Hannele Korhonen hannele.korhonen@finnfund.fi +358 9 3484 3337 About FMO FMO (the Netherlands Development Finance Company) is the Dutch development bank. FMO supports sustainable private sector growth in developing and emerging markets by investing in ambitious entrepreneurs. FMO believes a strong private sector leads to economic and social development, empowering people to employ their skills and improve their quality of life. FMO focuses on four sectors that have high development impact: financial institutions, energy, housing, and agribusiness. With an investment portfolio of EUR 5 billion, FMO is one of the largest bilateral private sector development banks Media contact: Rene de Sevaux r.de.sevaux@fmo.nl +31 70 314 9868 About IFU-IØ IFU, the Industrialisation Fund for Developing Countries, is a financial institution established by the Danish Government in 1967 as a self-governing Fund. IFU can co-finance projects in developing countries with a per capita income below USD 6,098 (in 2011). 50% of IFU’s yearly investment must be made in countries with a per capital income below USD 3.156. IØ, the Investment Fund for Central and Eastern Europe, was established in 1989. IØ finances projects in Russia, Belarus and Ukraine. The two Funds share the same Supervisory Board and Executive Board. It is a condition for IFU-IØ’s financial participation in a project that there is a private Danish co-investor. Media contact: Rune Norgaard rno@ifu.dk +45 3363 7560 About Norfund Norfund was established by the Norwegian Parliament in 1997 with the aim to develop and establish sustainable and profitable businesses in poor countries. The purpose is to promote business development and contribute to financial growth and poverty reduction. Norfund contributes to the realisation of viable projects which balance economic, social and environmental considerations. Norfund invests within four different investment areas: Industrial Partnerships, Financial Institutions, SMB Funds and Renewable Energy. Norfund. Can invest in countries with a GDP per capita of less than USD 6885 (2011 OECD DAC-list). Media contact: Heidi Berg heidi.berg@norfund.no +47 99 70 10 61 About OeEB Oesterreichische Entwicklungbank AG is a wholly owned subsidiary of Oesterreichische Kontrollbank AG (OeKB), the Export Credit Agency of Austria, and is mandated to support commercially self-sustaining projects in the private sector of developing countries (OECD DAC-list) that contribute to sustainable development and respect social and environmental standards. OeEB can provide equity, mezzanine financing and long-term loans. OeEB has grant money from the Government of Austria to finance technical assistance measures to enhance the developmental impacts. Media contact: Angelika Rädler angelika.raedler@oe-eb.at +43 1 533 12 00-2979 About PROPARCO The Société de Promotion et de Participation pour la Coopération Economique (PROPARCO) is a development finance institution with Agence Française de Développement (AFD), the French government-owned development financial institution as the majority owner. Other shareholders include major French private banks and companies, and international banks from developing countries. PROPARCO combines both a developmental objective with profit-oriented requirements and finances and invests in manufacturing, infrastructure and service sectors, including financial services. In 2009, PROPARCO’s geographical coverage was extended to all countries eligible to development aid according to OECD rules. The rationale behind PROPARCO’s funding may be summarised in four keywords: Long-term involvement, additionality, profitability and innovation. Media contact: Benjamin Neumann neumannb@proparco.fr +33 1 53 44 31 66 About SBI-BMI BMI-SBI is a semi-public investment company, whose main objective is the medium to long term co-financing of foreign investments by Belgian companies. Its major shareholders are Belgian public institutions, the Federal Investment Company and the Central Bank of Belgium, as well as private companies such as BNP Paribas Fortis, ING Bank and Electrabel. Its activities are oriented towards the creation of new subsidiaries or joint ventures worldwide, as well as the acquisition, restructuring or further development of existing foreign subsidiaries, always in co-operation with Belgian companies. Media contact: info@bmi-sbi.be +32 2 776 01 00 About SIFEM The Swiss Investment Fund for Emerging Markets (SIFEM) is the Swiss Development Finance Institution. It provides long-term finance to private equity funds and financial institutions in emerging markets. SIFEM's primary focus is on institutions investing in the SME sector. On a selective basis, SIFEM also invests in microfinance. SIFEM's investment philosophy is guided by the belief that investing in commercially viable emerging market SMEs can provide investors risk adjusted returns, as well as generate sustainable, long-term development effects in local communities. SIFEM is fully owned by the Swiss Confederation and managed by Obviam, a privately owned management advisory group. Media contact: Claude Barras cbarras@obviam.ch +41 31 310 0931 About SIMEST SIMEST is the development finance institution dedicated to supporting and promoting the activities of Italian companies abroad. SIMEST was set up as a limited company in 1991. It is controlled by the Ministry for Productive Activities, and its private-sector shareholders include major Italian banks and industrial business organizations. Its purpose is to promote Italian investment abroad and to provide technical and financial support for projects. It promotes direct investment by Italian companies outside the European Union and administers various forms of public support for the internationalization of the Italian economy. For firms it is a one-stop shop for assistance on every aspect of the development of business abroad. Media contact: info@simest.it +39 06 686 351 About Swedfund Swedfund International AB offers risk capital and know-how for investments in Africa, Asia, Latin America and Eastern Europe (non-EU members). Swedfund´s vision is to contribute to the development of viable businesses thereby stimulating sustainable economic development in its investment countries. Swedfund is specialised in the field of complex investment environments with a high level of country risk. With a broad spectrum of financial solutions, combined with knowledge and experience, Swedfund gives its partners an opportunity to make more profit on their investments. Media contact: Maria Lannér maria.lanner@swedfund.se +46 8 725 9417