June 24, 2013:
Port of Spain, Republic of Trinidad and Tobago, June 25, 2013 – IFC, a member of the World Bank Group, is hosting a training program today at the Hyatt Regency Hotel in Port of Spain to help financial institutions in the Caribbean strengthen their risk management and corporate governance practices to improve their long-term growth and profitability. The program is supported by the Canadian International Development Agency and organized by IFC in collaboration with the Caribbean Association of Banks, Inc., the Bankers Association of Trinidad and Tobago, and the Trinidad and Tobago Industry of Commerce.
Approximately 60 senior managers and board members from financial institutions across the Caribbean will attend the three day workshop. The program provides practical, in-depth instruction to help institutions improve their integrated risk frameworks and credit risk procedures, while supporting a better understanding of the fundamentals of corporate governance. This includes discussions centered on international trends and lessons learned from the recent economic crisis.
"IFC is working to build the risk management and corporate governance capacity of financial institutions in the Caribbean,” said Kirk Ifill, IFC’s Resident Representative in Trinidad and Tobago. “Our aim is to help them become more resilient to economic downturns, grow sustainably and increase their lending to small and medium-size enterprises, which are key drivers of economic growth and job creation.
The global financial crisis continues to affect many Caribbean economies and local financial institutions. IFC's training is designed to help financial institutions identify, mitigate, and monitor key areas of risk, such as market and liquidity risks, in a systematic and integrated manner. IFC hosted a similar training with the Eastern Caribbean Central Bank in Antigua and Barbuda in 2012.
“As in the rest of the Caribbean, some financial institutions in Trinidad and Tobago were greatly impacted by the global financial crisis, which has highlighted weaknesses in our risk management and corporate governance practices,” said Senator the Honorable Larry Howai, Minister of Finance and the Economy of Trinidad and Tobago. “This training put on by the IFC is a very important event to help build our internal capacity to better manage risks and handle unforeseen financial crises.”
Since 2000, IFC has committed $2.1 billion in the Caribbean, including $493 million in mobilizations. IFC also implements advisory programs to improve the business climate, build skills of local entrepreneurs, and promote access to finance and markets for small businesses. Our strategy focuses on promoting job creation and inclusive growth; helping the private sector respond to the global financial crisis; supporting innovation, competitiveness and regional integration; and providing investments that help companies adapt to and mitigate the effects of climate change. We have offices in Trinidad, Jamaica, Haiti, and the Dominican Republic serving 14 countries across the Caribbean.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges. For more information, visit www.ifc.org.
In Washington, DC:
Vanessa Bauza, IFC
Phone: +1 202-458-1603
In Trinidad and Tobago:
Lisa Mc Carthy, Bankers Association of Trinidad and Tobago
Phone: 868-625-3617 Ext. 3326