Your Federal Quarterly Tax Payments are due April 15th Get Help Now >>

Donors Luxembourg by Rudi Wulf

VIEWS: 7 PAGES: 2

									                            IFC and Luxembourg
                            Reducing Poverty Together


                                     PartnershiP Overview

                                     Luxembourg became a member of IFC in 1956.
                                     Luxembourg partners with IFC in the delivery of
                                     technical and advisory assistance to companies and
                                     governments in the developing world focused on
                                     reducing poverty through private sector growth.
                                     IFC’s main partner in the delivery of this work is
                                     Luxembourg’s Ministry of Finance.



          FOr MOre                   Luxembourg partners with IFC on specific technical assistance
          inFOrMatiOn:               programs. It supports IFC’s Technical Assistance Trust Fund, which
                                     provides funding for short-term, targeted expert interventions aimed at
Small and Medium                     private sector development. Luxembourg also supports IFC’s Foreign
Enterprise Department
International Finance Corporation    Investment Advisory Service, a program that provides advisory services
2121 Pennsylvania Avenue, NW         on improving the environment for attracting foreign direct investment
Washington, DC 20433                 in emerging markets. In addition, IFC and Luxembourg cooperate on
USA
                                     environmental issues by promoting sustainable business initiatives with
Phone: + 1 202 473 1400              environmental and social benefits so as to demonstrate their commercial
http://www.ifc.org                   viability, encouraging their replication in the private sector of emerging
                                     markets. Luxembourg is also involved in IFC’s efforts to promote global,
Ministry of Finance                  regional, and local initiatives that aim to improve corporate governance
3, rue de la Congrégation            policies and practices in developing countries.
L - 1352 Luxembourg

Phone: + 352 478 2619
http://www.fi.etat.lu/




                                                                                                     (continued)
IFC and Luxembourg
Reducing Poverty Together




        reCent hiGhLiGhts

         Corporate Governance Toolkit
        The Global Corporate Governance Forum (GCGF), co-founded by the World Bank Group and the Organi-
        zation for Economic Cooperation and Development, is supported by a number of IFC’s partners, including
        Luxembourg. The GCGF promotes measures that aim to improve the institutional framework and practices
        of corporate governance at the global, regional, and local level. In FY05-06, GCGF rolled out its “Developing
        Corporate Governance Codes” toolkit, based on practical experience and lessons learned from around the
        globe. Since its initial release in October 2005, more than 17 countries in Africa, the Middle East, the Carib-
        bean, Southeastern Europe, and Central Asia have been using this toolkit as a benchmark for drafting their own
        market-tailored corporate governance code. Regulators, business-support professionals, and company execu-
        tives alike can use this knowledge product for hands-on guidance on how to customize and draft a corporate
        governance code based on internationally accepted best practices. In FY06, the Forum began a rollout program
        of its toolkit in the Middle East and North Africa region, in coordination with PEP-MENA, IFC’s facility that
        promotes the development of the private sector in the region. A first regional workshop on the development of
        codes was held in Cairo and what closely followed by country-specific interventions in Lebanon and Bahrain.
        In response to the demand of a number of client countries to have their draft code reviewed, the Forum
        launched an international expert Peer Review Group. Members include IFC country experts, various senior
        professionals from the Forum’s Private Sector Advisory Group, and global corporate practitioners. The group
        has already provided comprehensive feedback on codes from Abu Dhabi and Jamaica, and a number of reviews
        are already on the agenda for FY07.




        Vietnam: Bamboo Farmers Learn Sustainable Practices
        Through its support to IFC’s Social Responsibility Program, Luxembourg is a key partner of IFC’s work main-
        streaming corporate social responsibility in the developing world. Together with additional partners such as the
        Asian Development Bank and French non-government organization GRET, the program helped 500 farmers
        in Thanh Hoa, one of Vietnam’s poorest regions, use sustainable farming practices to increase their revenue and
        enter the supply chain of international companies. Thanh Hoa’s farmers have traditionally raised bamboo for a
        Vietnam-based bamboo flooring manufacturer supplying IKEA, but have had to adapt to increased demands
        for eco-friendly bamboo. The different project partners worked together to deliver training on new techniques
        for planting, growing and harvesting bamboo to be able to enter the supply chain of companies such as IKEA.
        The program has also helped local farmers increase their bargaining power by providing information on pricing
        and its relation to the factory’s quality requirements. This, coupled with rising demand, has resulted in a 50
        percent increase in the price the farmers earn for the bamboo. With the factory’s annual demand now at 1.2
        million culms (trunks) and set to increase, this has added $105,000 per annum to total farmer incomes. IFC
        estimates at the moment that 1,600 women, men, and children living in rural and mountainous districts will
        be able to improve their incomes as a result of this project. The potential for replication is also very high and
        towards this, feasibility studies are currently being conducted in Lao PDR, Vietnam, and Cambodia.


For more information, visit www.ifc.org                                                            Last updated: November 2006

								
To top