Krusevac, Serbia, October 15, 2007
— IFC, a member of the World Bank Group, has signed an agreement with
the municipality of Krusevac in central Serbia, marking a joint commitment
to improve the local business enabling environment. Krusevac is one the
country’s largest municipalities, with more than 130,000 inhabitants.
“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. IFC’s assistance in this effort is critical,” said
Dragan Azdejkovic, Mayor of Krusevac.
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.
“We are pleased to work with Mayor Azdejkovic and his team. By helping
Krusevac and other municipalities in Serbia simplify procedures, we hope
to develop a more favorable business environment and stimulate development
of the country’s private sector,” said Philip Condon, Head of IFC Advisory
Services in Southern Europe.
Krusevac is the fourth locality in Serbia
to be included in IFC’s subnational competitiveness project in the country.
According to Margo Thomas, IFC Business
Enabling Environment Manager and Regional 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 private capital in local and international
financial markets, and providing advisory and risk mitigation services
to businesses and governments. IFC’s vision is that poor people have the
opportunity to escape poverty and improve their lives. In FY07, IFC committed
$8.2 billion and mobilized an additional $3.9 billion through loan participations
and structured finance for 299 investments in 69 developing countries.
IFC also provided advisory services in 97 countries. For more information,
IFC provides advisory services to support
private sector development and attract new investments in Serbia. The programs
concentrate on four business lines: value addition to firms, access to
finance, infrastructure advisory services, and business enabling environment.
To learn more about IFC advisory programs in Southern Europe, visit www.ifc.org/pepse.