Kinshasa, Democratic Republic of Congo,
February 12, 2010 – The Investment Climate Advisory Services of the
World Bank Group is supporting efforts by the Democratic Republic of Congo
to reform its business environment which includes joining OHADA, a 16-country
initiative spanning West and Central Africa that seeks to create a common
legal framework to facilitate private sector-led economic growth.
The World Bank Group supported the organization
by the OHADA Secretariat and the DRC Ministry of Justice of a four-day
workshop in Kinshasa from February 9-12 that brought together public and
private sector delegates from 16 current member countries and the DRC to
discuss the proposed changes to 2 OHADA laws, namely the law on secured
transactions and the general commercial law. The modernization of the commercial
registries was also part of the agenda.
OHADA, established in 1993, is the French
acronym for ‘Organization pour l'Harmonisation en Afrique du Droit des
Affaires’, which translates into English as’ Organization for the Harmonization
of Business Law in Africa’. The DRC’s goal is to complete the process
of formally joining OHADA before the end of the first semester of 2010.
Adamou Labara, IFC Resident Representative
in DRC, said, “The World Bank Group is actively supporting the DRC’s
accession process to OHADA. The selection of Kinshasa to host this conference
indicates that OHADA welcomes the DRC into the regional processes even
before its accession process is fully complete. DRC’s eventual accession
to OHADA will send a very positive message to the private sector, both
domestically and abroad.”
Joseph Kabila, Democratic Republic of
Congo President said: «The private sector initiative is limited, or even
discouraged, by the investment climate. We need to change this situation
urgently. I have decided that the improvement of the investment climate
should be a priority objective, one of them on which our Government’s
efficiency should be judged, our governmental majority cohesion should
be assessed and our administration and legal system should be evaluated».
DRC has embarked on an ambitious reform
process to modernize its legal framework. The World Bank Group is supporting
DRC’s efforts to upgrade its laws and adopt transparent, modern, and simple
administrative processes in order to improve the business environment and
help attract domestic and foreign investment into the economy.
IFC is the only international financial
institution focused exclusively on the private sector, the engine of sustainable
development in emerging markets. Along with IBRD, it is currently seeking
a capital increase to strengthen its ability to create opportunity for
the poor in developing countries—including by helping improve the business
environment in African economies.
About the Investment Climate Advisory
Services of the World Bank Group
The Investment Climate Advisory Services
of the World Bank Group helps governments implement reforms to improve
their business environment, and encourage and retain investment, thus fostering
competitive markets, growth and job creation. Funding is provided by the
World Bank Group (IFC, MIGA, and the World Bank) and over fifteen donor
partners working through the multi-donor FIAS platform.
IFC, a member of the World Bank Group,
creates opportunity for people to escape poverty and improve their lives.
We foster sustainable economic growth in developing countries by supporting
private sector development, mobilizing private capital, and providing advisory
and risk mitigation services to businesses and governments. Our new investments
totaled US$14.5 billion in fiscal 2009, helping channel capital into developing
countries during the financial crisis. For more information, visit www.ifc.org.