Lima, Peru, December 2, 2004—
As part of his visit to Perú, the International Finance Corporation’s Executive Vice-President and Managing Director of the World Bank, Peter Woicke, met with the Metropolitan Municipality of Lima (MML) to discuss projects currently being developed by the World Bank Group (WBG) and the MML.
Municipal officials presented the work currently under way in simplifying municipal business regulations business simplification. The MML has identified simplifying business regulations as a strategic priority based on the results of recent WBG studies. According to the “Doing Business in 2005” report, Peru is one of the most bureaucratic countries of the region, and municipal regulations account for approximately half of the 98 days required to open a businesses. Earlier this year, the WBG’s Foreign Investment Advisory Service (FIAS) presented a separate study, “Municipal Barriers to Investment,” documenting how cumbersome municipal regulation impedes investment.
During the meeting, the MML expressed its interest in pursuing other projects with IFC and the WBG. The MML also emphasized the importance of World Bank support in municipal infrastructure projects, such as the Corredor Vial highway between the Comas and Chorrillos districts, which is backed by $45 million of World Bank financing.
As part of meeting, Mayor Luís Castañeda declared Mr. Woicke a “Distinguished Guest of the City” and presented him the “Keys to the City.” Mayor Castañeda concluded the event stating, ““The Metropolitan Municipality of Lima will play a crucial role in promoting entrepreneurial development. With the World Bank Group’s support, we’re working for a better future”.
Peru’s private sector constitutes one of the principal portfolios of IFC in Latin America, with over $266 million in loans and investments of June 2004. The IFC’s strategy and operations in Peru has focused on the strengthening of local capital markets; financing enterprises that constitute the local economy’s basis, complementing with technical assistance that promotes entrepreneurial development and sustainability.
About IFC (International Finance Corporation)
The IFC’s mission is to promote sustainable private sector investment in developing countries, in order to contribute to poverty reduction and improve people’s quality of life. IFC finances private sector investments in developing countries, mobilizes capital in international financial markets, helps clients to improve social and environmental sustainability and provides counseling and technical assistance to governments and enterprises. Since its creation in 1956 as of fiscal year’s end of 2004, IFC had committed more than US$44.000 million of own funds and mobilized US$23.000 million in syndicated loans for 3.143 enterprises in 140 developing countries. By the end of fiscal year 2003 the IFC’s investment portfolio worldwide ascended to US$ 17.900 million of its own and US$ 5.500 million on account of syndicated loans participants.
Visit:
www.ifc.org
About IFC Technical Assistance Facility for Latin America and the Caribbean
The IFC Technical Assistance Facility for Latin America and the Caribbean is a multilateral initiative backed by core IFC fund and project-specific funds from various donors (among them, Canada, Netherlands, Norway, and Switzerland). The Facility’s work program is focused on sustainability, investment climate improvement, and strengthening SME competitiveness. IFC also seeks to add value to IFC private sector development through projects such as linkages (which strengthen connections between investment clients and their local economies and communities) and business simplification. The Facility, based in Lima, is currently operating in four countries (Peru, Nicaragua, Honduras, and Bolivia) and is actively exploring opportunities for expanding to other countries in the region.
