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IFC Helps Armenia Launch One-Stop-Shop to Ease Business Entry and Spur Economy


In Yerevan:                                                
Anna Dira, IFC                                                
Phone: +37410 545242                
E-mail: Adira@ifc.org
       


In Tbilisi:
Tamar Barbakadze, IFC
Phone: +995 32 23 43 00/01/02
E-mail: TBarbakadze@ifc.org

Yerevan, Armenia, March 25, 2011—IFC, a member of the World Bank Group, helped the Armenian government launch the first One Stop Shop for business registration, which will ease business entry, reduce administrative burden on businesses, and boost economic growth.

With advice from the IFC, the Armenian government amended the legislation that streamlines procedures for registration of legal entities and individual entrepreneurs. The One Stop Shop, launched within the Ministry of Justice on March 10, will streamline start-up procedures for new businesses, reducing the business registration process by approximately two weeks.  

“The Government of Armenia highly values IFC’s contribution to the process of creating a stronger business entry legislative framework and strengthening investor promotion and protection in the country,” said Karine Minasyan, Deputy Minister of Economy of Armenia. “The Doing Business reform team of the Ministry of Economy, in cooperation with the Ministry of Justice and IFC’s team, put every effort to promote the One Stop Shop system, which is very important to promote economic growth in Armenia.”

“New simplified business start-up procedures and improved customer service will enable Armenian businesses to save significant time and resources,” said Arsen Nazaryan, IFC Armenia Regulatory Simplification – Doing Business Reform Project Manager.

The IFC Armenia Regulatory Simplification – Doing Business Reform Project supports small and medium-sized businesses by providing advice to the Armenian Government on improving the investment climate. IFC is implementing the project in partnership with the Austrian Ministry of Finance, Netherlands Ministry for Development Cooperation, Luxemburg Ministry of Finance, and the Consortium of Commercial Promotion of Catalonia.

Since Armenia became a member of IFC in 1995, IFC has invested $110 million in 24 projects across the industry spectrum including financial markets, general manufacturing, energy, mining and chemicals. IFC Advisory Services provide advice through projects focusing on the financial sector, sustainable energy, and regulatory simplification.

About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. We create opportunity for people to escape poverty and improve their lives. We do so by providing financing to help businesses employ more people and supply essential services, by mobilizing capital from others, and by delivering advisory services to ensure sustainable development. In a time of global economic uncertainty, our new investments climbed to a record $18 billion in fiscal 2010. For more information, visit www.ifc.org.

For more information about IFC’s partners, visit:

The Austrian Ministry of Finance: http://english.bmf.gv.at.
The Government of the Netherlands: www.minbuza.nl/en/home
The Luxemburg Ministry of Finance: www.mf.public.lu/.
The Consortium of Commercial Promotion of Catalonia: http://www.acc10.cat/ACC1O/cat/