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.