Lusaka, Zambia, July 15, 2010 –
IFC Vice President for Business Advisory Services, Rachel Kyte, said today
that IFC would remain a strong partner helping Zambia strengthen its private
sector, and commended the country’s recent successes in improving access
to credit, tax payment procedures and contract enforcement. IFC is a member
of the World Bank Group.
Kyte is in Zambia on a two-day visit
to see how IFC can increase its investments and advisory services to support
the country’s sustainable economic growth. She is meeting with government
officials, private sector clients, and donors and development partners.
Kyte said, “Private enterprise is a
country’s most reliable growth engine. Zambian leaders recognize that
reality and have taken important steps to support private entrepreneurs
in starting new businesses and formalizing existing ones. This is also
a positive sign for investors who are looking for predictability and stability.
The reforms have enhanced Zambia’s competitiveness in the global market.”
The Honorable Felix Mutati said, “Government
is moving ahead with business environment reforms that aim to turn Zambia
into an attractive investment destination. The ongoing business licensing
and Doing Business reforms, as well as the one-stop business registration
efforts, are key initiatives that will remove constraints for private entrepreneurs,
reduce costs and make it easier to do business in Zambia.”
Over the last two years, IFC has backed
Zambia’s efforts to increase business activity in the country, including
supporting the growth of small and medium enterprises. IFC has also helped
Zambia with its business licensing reform program and its Doing Business
Zambia scores well on a number of indicators
in the World Bank Group’s Doing Business report 2010, which ranks countries
based on ease of doing business,
It takes 18 days in Zambia to register
a business, compared with an average of 45.6 in Sub-Saharan Africa. Registering
property is also easier in Zambia compared to most Sub-Saharan countries,
taking 39 days compared with an average of 80.7 for the sub-continent.
Overall, Zambia improved its ranking from 100th in 2009 to 90th
in 2010 on the World Bank’s Doing Business Report.
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 capital for private enterprise,
and providing advisory and risk mitigation services to businesses and governments.
Our new investments totaled $14.5 billion in fiscal 2009, helping channel
capital into developing countries during the financial crisis. For more
information, visit www.ifc.org.