Center for International Private Enterprise
(CIPE)

CIPE APPOINTS KARACHI STOCK EXCHANGE DIRECTOR
TO LEAD NEW PAKISTAN OFFICE

October 27, 2005

The Center for International Private Enterprise (CIPE) announced today that it is opening a field office in Karachi, Pakistan. While CIPE has supported programs in Pakistan in the past, this is the first time it will establish an “on the ground” presence in the country.

At the same time, CIPE announced it has appointed Moin Fudda, former managing director of the Karachi Stock Exchange (KSE), as Pakistan country director. Fudda will be responsible for administering CIPE’s programs in Pakistan and working with local organizations to strengthen the voice of business and promote market reforms.

“Pakistan is an important country on many levels, and it is vital to the stability of the entire region. The fact that we are opening an office in Pakistan is a sign of our commitment to its people and its stability,” said John Sullivan, CIPE’s executive director. “We are extremely fortunate to have someone of Moin Fudda’s stature to manage our office and programs in Pakistan.”

CIPE’s primary role in Pakistan is to support its local partners' efforts to improve the business environment through advocacy and policy dialogue. CIPE will also coordinate the provision of small project grants to associations and think tanks as well as assist in a public outreach and education program that will provide materials on entrepreneurship and market economics to policymakers, educators, entrepreneurs, and the business community.

As managing director of the KSE since September 2002, Fudda initiated a comprehensive plan to reorganize and reinvigorate the institution. The reforms included the implementation of a code of corporate governance, exposure and margin requirements, improved risk management, and enhanced transparency at all levels to help restore confidence in the organization and create what is now the most active stock exchange in Asia.

“I am encouraged by CIPE's initiatives in developing countries involving the private sector in policy advocacy, institutional reform, and improving good governance,” said Fudda. “Pakistan's impressive economic gain has been possible due to the market-oriented structural reforms of the past five years. I have been actively involved in the implementation of these reforms at the corporate level and now will continue to contribute more in this process by joining CIPE.”

Link: http://www.cipe.org/whats_new/press/oct_27_2005.htm