Kathmandu, Nepal, February 7, 2013
— IFC, a member of the World Bank Group, is supporting the government of Nepal in simplifying and automating procedures for issuing licenses and other approvals, reducing compliance burden for investors.
A faster, streamlined and automated business registration process will help companies apply and file for registration online, curtailing uncertainty and processing time. The SouthAsia Enterprise Development Facility, managed by IFC in partnership with the UK Government and the Norwegian agency for Development Cooperation, has supported this initiative.
“The Government of Nepal is committed to providing services to citizens and businesses at their doorstep,” said Anil Kumar Jha, Nepal’s Minister for Industry. “This IFC-supported automation project has enhanced transparency and accountability in service delivery for businesses, taking a step towards promoting good governance.”
On average, almost 10,000 new companies are registered annually in Nepal. The process now takes 21 days instead of 29 days it took earlier, thanks to a 7-step procedure in place of the 15 earlier. The automated system offers a host of e-services including the option to update documents.
“IFC has played a catalytic role in this major automation initiative. It can now be replicated in other areas affecting businesses,” said Valentino S. Bagatsing, IFC Resident Representative in Nepal. “Facilitating private sector growth through a supportive business environment has been a key focus of IFC programs in Nepal.”
To create a supportive environment for robust private sector growth in Nepal, IFC has helped introduce an electronic portal of licenses, establish a formal platform for greater public-private cooperation for reforms, reduce cost of tax compliance for businesses, and form an investment board. IFC in Nepal is committed to supporting inclusive economic growth, and promote increased private investment, crucial to creating employment opportunities and reducing poverty.
About IFC
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
www.ifc.org
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