Podgorica, Montenegro, September 22,
2008—IFC, a member of the World Bank Group, has signed agreements
with Montenegro’s municipalities of Bar, Bijelo Polje, and Niksic, to
jointly improve the local business environment. The signing marked the
launch of the country’s subnational competitiveness project.
Improving the business environment by simplifying administrative procedures
and providing better services will help reduce the cost and risk of doing
business, improve competitiveness of local municipalities, and attract
more foreign direct investment.
“Our activities with IFC complement our development plan. I am certain
that we will reduce the administrative burden on doing business and attract
new domestic and foreign investors to our municipality,” said Zarko Pavicevic,
Mayor of Bar.
“By helping municipalities simplify their procedures, we hope to develop
a more favorable business environment and stimulate the development of
the country’s private sector,” said Philip Condon, Head of IFC Advisory
Services in Southern Europe.
The subnational competitiveness project is designed to streamline business
formalities and inspections procedures, according to Margo Thomas, IFC
Business Enabling Environment Manager and Program Coordinator of FIAS,
the World Bank Group’s Investment Climate Advisory Service. This will
help increase transparency and quality of business regulations and reduce
costs—important factors for improving competitiveness.
IFC is already implementing subnational
competitiveness projects in Bosnia and Herzegovina and Serbia.
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 private capital, and providing advisory
and risk mitigation services to businesses and governments. Our new investments
totaled $16.2 billion in fiscal 2008, a 34 percent increase over the previous
year. For more information, visit www.ifc.org.
IFC and the World Bank published the
first subnational Doing Business report for Southeast Europe in
July this year, featuring data on Montenegro’s municipalities of Podgorica
and Pljevlja. For more information, visit www.doingbusiness.org/Subnational/.