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State-Owned Enterprises: Rationale, Governance, Public Benefits

EBRD Policy Academy

State-owned enterprises (SOEs) are an essential element of most economies. The presence of SOEs in the global economy has grown significantly in recent years making them the important drivers of economic growth in many countries.

About the Module 

This Module is designed for policymakers, government officials, the private sector, the public, and international economic stakeholders. It aids knowledge transfer and equips learners to study better the vast pool of international experience regarding state-owned enterprises. Effective operation of state-owned enterprises and the adherence to the necessary standards of corporate governance are critical to ensure their meaningful contribution to structural change and continued economic growth.

This online training Module is web-based. Therefore, it is not required to download any software. Please be aware that the "EBRD Policy Academy" does not provide tutor support.

Disclaimer: The content was captured in February 2018, while the Module was developed in March-December 2021.


Learning Objectives

The Module "State-Owned Enterprises: Rationale, Governance, Public Benefits" has five self-paced sessions and is aimed to:

(i) define why state-owned enterprises have emerged, what problems they solve, and what problems they can cause;

(ii) summarize the evidence on privatization and the importance of getting the process right to achieve positive outcomes;

(iii) identify the role of the state versus the role of the board and the need to tackle both legislation and practices;

(iv) explain how EBRD engages with state-owned enterprises;

(v) report the experience with state-owned enterprises and state-owned banks from the practitioner's perspective.

A long-term learning objective is to increase general awareness of the corporate governance of SOEs and facilitate the global development of SOEs worldwide.


Length: approximately 4 weeks

Effort: 2-3 hours per week

Module duration: approximately 8 hours 45 min, including assessments and interactive activities

Language: U.S. English


Note: The personal expert views of the featured lecturers - that are shared within these learning materials - do not necessarily represent the official position of the EBRD or the position of other institutions and organizations with which non-EBRD lecturers are associated.


EBRD "Knowledge Champions" for Module (Subject-Matter Experts)

Yuliya Zemlytska
Principal, State Owned Enterprises, EBRD

Umidjon Abdullaev
Principal Economist Policy Strategy & Delivery, EBRD


List of Lecturers

Session One: Academic Overview of State-Owned Enterprises

Saul Estrin
Emeritus Professor of Management Economics and Strategy, London School of Economics and Political Science (LSE)
2018 — Professor of Management, London School of Economics and Political Science (LSE)


Session Two: Privatization in EBRD Regions

Sergei Guriev
Professor & Scientific Director of the Master and PhD Programmes in Economics, Sciences Po University
2018 — Chief Economist, EBRD


Session Three: Legislation and Practices

Gian Piero Cigna
Director (Acting) Financial Law Unit, EBRD
2018 — Associate Director Corporate Governance, EBRD

Barry Kolodkin
Interregional Advisor Sustainable Development Goals Investment, United Nations
2018 — Coordinator of the SOE Community of Practice, EBRD


Session Four: Identifying and Tackling the Weaknesses of State-Owned Enterprises

Francis Malige
Managing Director Financial Institutions, EBRD
2018 — Managing Director Eastern Europe & Caucasus, EBRD

Gian Piero Cigna
Director (Acting) Financial Law Unit, EBRD
2018 — Associate Director Corporate Governance, EBRD

Marina Petrov
2018 — Associate Director & Deputy Head Ukraine, EBRD


Session Five: State-Owned Banks as Serious Competitors for Privately-Owned Lenders

​​Cagatay Bircan
Senior Research Economist, EBRD

Ralph De Haas
Director of Research, EBRD


Knowledge Application Session: Korea’s Advisory Support to Jordan

​​HueJin Lee
Manager, KAMCO

Jae Hyuk Hu
Business Department, KAMCO


The EBRD Policy Academy is supported by the "TaiwanBusiness-EBRD Technical Cooperation Fund". 


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  1. Module Number

  2. Classes Start

    self-paced, self-enroll module
  3. Estimated Effort

    8h 45m