Cairo, 17 September 2006- The International
Finance Corporation, the private sector arm of the World Bank Group, today
signed an agreement with the Industrial Development Authority of Alexandria,
Egypt, to simplify business start-up procedures.
The purpose of the agreement is to offer more services to industrial sector
investors and to streamline processes that fall under the Industrial Development
Authority’s purview, including operating licenses, industrial registration,
and land assignment for industrial purposes. Over the next six months,
IFC and the Industrial Development Authority will conduct workshops with
key government officials and other stakeholders to develop recommendations
for simplifying business start-ups in Alexandria.
This initiative is part of the broader
Business Start-Up Simplification Project, which IFC has established in
cooperation with the General Authority for Investment and Free Zones and
the governorate of Alexandria. The broader project aims to streamline
administrative procedures for business registration and for building, industrial,
and operating licenses. The goal is to create more transparent processes
for investors.
The International Finance Corporation,
the private sector arm of the World Bank Group, is the largest multilateral
provider of financing for private enterprise in developing countries. IFC
finances private sector investments, mobilizes capital in international
financial markets, facilitates trade, helps clients improve social and
environmental sustainability, and provides technical assistance and advice
to businesses and governments. From its founding in 1956 through FY06,
IFC has committed more than $56 billion of its own funds for private sector
investments in the developing world and mobilized an additional $25 billion
in syndications for 3,531 companies in 140 developing countries. With the
support of funding from donors, it has also provided more than $1 billion
in technical assistance and advisory services. For more information, visit
www.ifc.org.
PEP-MENA is IFC’s technical assistance facility that supports private
sector development in the Middle East and North Africa. PEP-MENA focuses
on improving the business enabling and regulatory environment; strengthening
the financial sector; promoting the growth of small and medium enterprises
and their support services, such as business organizations and consulting
firms; helping restructure and privatize state-owned enterprises; and developing
viable private sector and public-private partnership projects, especially
in infrastructure.
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