An agreement has been signed between Bangladesh Securities and Exchange Commission (BSEC), the country’s capital market regulator, and International Finance Corporation (IFC), a World Bank Group institution.
The agreement was signed between the two organizations at Agargaon BSEC building in the capital on Thursday.
BSEC Chairman Professor Shibli Rubaiyat-ul-Islam and IFC Country Manager (Bangladesh, Bhutan and Nepal) Martin Holtman signed the agreement on behalf of their respective institutions.
A meeting between the two institutions was held at BSEC before signing the agreement. In the meeting BSEC Chairman Prof. Shibli Rubaiyat-ul-Islam, BSEC Commissioner Dr. Sheikh Shamsuddin Ahmed, IFC Country Manager (Bangladesh, Bhutan and Nepal) Martin Holtman, IFC Operations Officer Lopa Rahman and BSEC Executive Director and Spokesperson Mohammad Rezaul Karim were present.
It is reported that the agreement will result in several benefits. These are – regulatory and reporting framework will be strengthened, cooperation in developing framework related to sustainable bonds (including blue, green, pink bonds) and IFC will work closely with BSEC on corporate governance code revision.
Training/consultancy programs on issues/standards/best practices will be organized for local market intermediaries and training institutes. IFC will assist in developing environmental social management systems including improving corporate governance practices among financial institutions.
It will also help clients overcome investment barriers and improve the performance of IFC portfolio companies.