Sarajevo, Bosnia and Herzegovina, September
28, 2007 — IFC, a member of the World Bank Group, has signed an agreement
with the city of Mostar in Bosnia and Herzegovina, marking a joint commitment
to improve the business enabling environment. With more than 100,000 inhabitants,
Mostar is the economic center and the largest city in Herzegovina.
Improving the business environment by simplifying administrative procedures
and providing better services will help reduce the cost and risk of doing
business. This will foster competitiveness in cities and municipalities
and attract more foreign direct investment.
“We hope to reduce the administrative
burden for doing business and attract new companies to Mostar, and IFC’s
assistance in this effort is critical,” said Ljubo Beslic, Mayor of Mostar.
“We are pleased to work with Mayor
Beslic and his team. Making administrative procedures simpler for businesses
at the local level should help attract new investors to Bosnia and Herzegovina
and support private sector development,” said Pierre Guislain, IFC/World
Bank Director for Investment Climate.
According to Margo Thomas, IFC Business Enabling Environment Manager and
Regional Program Coordinator, IFC’s assistance will help reduce the cost
of doing business in Mostar by streamlining business formalities and inspections
procedures, as well as increase transparency.
Mostar is the second locality in Bosnia
and Herzegovina to be included in IFC’s subnational competitiveness project
in the country.
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 Bosnia and Herzegovina.
The programs concentrate on four business lines: value addition to firms,
access to finance, infrastructure advisory services, and the business enabling
environment. To learn more about IFC advisory programs in southern Europe,