, Timor-Leste, March 27, 2012
—IFC, a member of the World Bank Group, today signed an agreement with Timor-Leste’s Chamber of Commerce and Industry to provide support to the organization to improve the country’s investment climate and strengthen the skills of business owners.
Under the agreement, IFC will engage the Melbourne-based Victorian Employers’ Chamber of Commerce and Industry to develop the skills of the staff, strengthen operations, and train business owners who are members of Timor-Leste’s Chamber of Commerce and Industry in order to grow its membership over the next year. The Timor-Leste chamber will also help its members identify new business opportunities and partners.
“We are committed to developing our operations and improving services to our members going forward,” said Julio Alfaro, the Timor-Leste chamber’s president. “With this support, we will better serve the business community and engage the government on issues that matter to the Timorese private sector.”
Business owners will be able to access information from the chamber on government initiatives to help develop the private sector, such as legislative changes, tenders and new procedures for business registration. Chamber representatives will work with the government to identify priority reform areas to improve Timor Leste’s investment climate and make it easier to do business in the country.
“Building a thriving private sector is essential to creating jobs and a strong economy that benefits the community,” said Milissa Day, IFC’s resident representative in Timor-Leste. “By helping the chamber strengthen its voice and improve its services for business owners, we are making it easier to do business in Timor-Leste.”
Improving the business environment, access to finance, and infrastructure are IFC’s priorities in Timor-Leste. IFC partners with Australia, Japan and New Zealand to provide advisory services in Timor-Leste.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges. For more information, visit