Sarajevo, Bosnia and Herzegovina, November 19, 2007 — IFC, a member of the World Bank Group, helps LORA, a distribution company based in Bosnia and Herzegovina, implement IS0 9001-2000, an international standard in quality management. This will help the company improve its competitiveness.

During September and October, a team of auditors from the Norwegian certification body DNV conducted a detailed examination of LORA’s newly established management system to make sure it was in line with the standard ISO 9001:2000.

“LORA is the first distribution company in Bosnia and Herzegovina to receive this certification. It will help increase our competitiveness in regional and international markets. The assistance we have received from IFC in implementing the standard was critical,” said Haris Abdurahmanovic, General Manager of LORA.    

“We were glad to assist LORA in completing this complex process. IFC is also helping other companies in the country implement international standards to increase their exports and competitiveness,” said Selma Rasavac, Manager of IFC’s international standards and technical regulations project in Bosnia and Herzegovina.
 
In Albania, Bosnia and Herzegovina, FYR Macedonia, Montenegro, and Serbia, companies face steep challenges in meeting most international standards and technical requirements of the European Union. These standards must be adopted by local companies if they hope to export their products and be recognized as a part of the global economy. To help, IFC is implementing an international standards and technical regulations program in the region, with support from the Norwegian Ministry of Foreign Affairs and the Slovenian Ministry of Economy.

About IFC
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, visit www.ifc.org.

IFC is helping companies in transition economies of Southern Europe introduce international standards and technical regulations to support development of the private sector in the region. By implementing these standards, companies are overcoming technical barriers in international commerce caused by differences among regulations and standards developed independently by each nation. To learn more about IFC advisory services programs in Southern Europe, visit www.ifc.org/pepse.