The World Bank has agreed to finance the establishment of a private Institute of Directors in Cairo, which is intended to strengthen local corporate governance, provide research and technical advisory services, advise the government on the implementation of new corporate legislation and provide training for local business managers.
An international tender for the advisory contract was due to be issued by the Foreign Affairs Ministry in July, but following the recent cabinet reshuffle the project will now be overseen by the new Investment Development Ministry. Expressions of interest from international consultants are due on 26 August. The successful bidder will be required to draw up an accredited training curriculum for the corporate sector. Other responsibilities include providing technical assistance to the government in drawing up an organisational structure and business plan for the institute. The consultant will also provide training for institute staff. 'The model for the organisation seems to be very similar to what we have here in the UK, although it remains to be seen if it will also include publishing a national corporate governance code,' says a spokesperson for the UK's Institute of Directors, which has advised the World Bank on the scheme. 'A national code of practice is one of the three underlying principles of a directors' institute, together with training and advisory services.'
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