Kathmandu, Nepal, August 15, 2013
— IFC, a member of the World Bank Group, commits to continue working with the Nepal government and private sector to improve the country’s business environment. Encouraging private sector-led growth and easing constraints to business are key tools for attracting investment, creating jobs, and enhancing economic development.
Representatives from the government and private sector came together for a discussion on key achievements made in the last five years and plans for the next year. IFC’s advisory program in Nepal is delivered through Nepal Investment Climate Reform Program, supported by SouthAsia Enterprise Development Facility, which is managed by IFC, in partnership with the UK government and Norwegian Agency for Development Cooperation. IFC’s advisory interventions include include legal and procedural streamlining to facilitate trade; electronic registration of business; reforms in tax simplification and compliance; enhanced institutional capacity of Nepal Business Forum and adoption of 55 reforms through it.
Industry Secretary Krishna Gyawali said, “IFC’s advice and support especially in the reform work at the Office of Companies Registrar has been invaluable”. He confirmed that the Government of Nepal had allocated funds in the budget which can be pooled with IFC’s resources to support replication to other agencies.
IFC is keen to extend its investment support to Nepal in developing hydropower, tourism, agribusiness and financial sectors. Assistance will also be given to improve regional air connectivity, domestic aviation safety, food safety, trade, investment regime and support action oriented dialogue.
Fred Zake Head of the Nepal Investment Climate Reform Program said, “Nepal is very important for IFC and its progress is an example for other governments to follow.”
As of June, 2013 IFC has a committed portfolio of $48 million, mainly in power, transport, financial market, microfinance, and trade finance projects in Nepal. IFC also provides advisory services to strengthen business regulations, increase access to finance, support development of smaller enterprises, and facilitate creation of public-private partnerships in infrastructure.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org
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