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World Bank Opens New Centre for Financial Reporting Reform in Vienna

VIENNA, November 30, 2007 – The World Bank opened the Vienna Centre for Financial Reporting Reform (CFRR) today in an effort to better assist countries in Europe and Central Asia in meeting the financial reporting standards needed for EU accession and to meet the emerging needs of middle income countries in the Region. "The creation of this new Centre for Financial Reporting Reform highlights the Bank's continued effort to improve its services to clients in the new member states of the European Union as well as those countries in Southeast Europe that aspire towards European integration," said Shigeo Katsu, World Bank Vice President for Europe and Central Asia, who was on hand to open the new center. "It's also a good demonstration of the Bank's commitment to operate in close cooperation with partners from the European Union in order to provide high quality services that are timely and client oriented. It demonstrates the Bank's interest in working creatively with middle income countries in order to better target their needs as they develop."

The new office will provide advice and analysis on targeted accounting policy reforms, build capacity with civil servants from governments in the region, and provide cross support the Bank's other operations in the region.

'This is an important milestone in the work of the World Bank and emphasizes its commitment to strengthening financial reporting standards in Europe and Central Asia. I am also convinced that the opening of this office will further strengthen the excellent cooperation between our institutions' said EU Internal Market Commissioner Charles McGreevy, who delivered a key-note speech at the opening.

CFRR team is expected to have about 20 staff and it will be working on financial management, auditing & accounting, private sector development, project management and administrative issues. To mark this important initiative the opening event was hosted by the Austrian Ministry of Finance, a key donor to the initiative that will also make offices available for the CFRR's operations.

"Austria is proud to host the new World Bank office which seeks to create stable markets, stabilize economic development and strengthen the private sector. This is central for a good cooperation in the global economy and successful economic and social policies," said Wilhelm Molterer, Austrian Finance Minister.

CFRR's activities are both fee-for-service based and funded by donors. It is currently supported by the European Commission, SECO, Austrian Development Agency and Austrian Government, USAID, FIRST Initiative, and the Foreign Ministries of the Japan, Netherlands, Canada and Ireland.

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For more information, please visit CFRR's website at: www.worldbank.org/cfrr

For more information on World Bank's Europe operations, please visit:
www.worldbank.org/eca


01.12.2007

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