Sarajevo, Bosnia and Herzegovina, July
27, 2007 — IFC, a member of the World Bank Group, signed an agreement
with the municipality of Novo Sarajevo in Bosnia and Herzegovina, marking
a joint commitment to improve the local business-enabling environment.
Novo Sarajevo is the first municipality to be included in the subnational
competitiveness project in Bosnia and Herzegovina.
“Our activities with IFC complement
our development plan. We hope to reduce the administrative burden for doing
business and attract new companies to our municipality,” said Nedžad
Koldžo, Head of the municipality of Novo Sarajevo.
Improving the business environment by
simplifying administrative procedures and providing better services will
help reduce the cost and risk of doing business, improving the competitiveness
of local municipalities and attracting more foreign direct investment.
“By helping municipalities simplify
their procedures, we hope to develop a more favorable business environment
and stimulate the development of the country’s private sector,” said
Philip Condon, Head of IFC Advisory Services in Southern Europe.
According to Margo Thomas, IFC Business
Enabling Environment Manager and FIAS Program Coordinator, the subnational
competitiveness project is designed to streamline business formalities
and inspections procedures. This will help increase the transparency and
quality of business regulations and reduce costs—important factors in
IFC, a member of the World
Bank Group, fosters sustainable economic growth in developing countries
by financing private sector investment, mobilizing capital in the international
financial markets, and providing advisory services to businesses and governments.
IFC’s vision is that poor people have the opportunity to escape poverty
and improve their lives. In FY06, IFC committed $8.3 billion, including
syndications, to 284 investments in 66 developing countries. For more information,
please visit www.ifc.org.
IFC provides advisory services to support
private sector development and attract new investments in Bosnia and Herzegovina.
The programs concentrate on four business lines: value addition to firms,
access to finance, infrastructure advisory services, and the business-enabling
environment. To learn more about IFC advisory programs in Southern Europe,
please visit www.ifc.org/pepse.