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IFC Provides Training to Papua New Guinea to Improve its Investment Climate

Port Moresby, Papua New Guinea, August 7, 2012 —IFC, a member of the World Bank Group, is helping Papua New Guinea attract more investment and create jobs by training members of a national committee composed of government and business representatives on how to identify and propose regulatory reforms that would improve the country’s business environment.
IFC will host a two-day public-private dialogue workshop starting August 7 for the National Working Group in Improving Business and Investment Climate in PNG, which is chaired by Papua New Guinea’s chief secretary under the prime minister’s office. During the workshop, government and business members will learn how to establish an effective dialogue and prioritize regulatory reforms, as well as advocacy and communication skills.
“With IFC’s help, we are working to form a cohesive body to achieve reforms that will help the private sector flourish in Papua New Guinea and increase employment and incomes,” said Chief Secretary Manasupe Z. Zurenuoc, OBE. “This workshop will enhance our skills and help us focus our efforts on the most pressing issues for business.”
Lili Sisombat, an IFC public-private dialogue expert, will lead the workshop and draw on IFC's experience in promoting policy dialogue between governments and business sectors around the world.
“The working group is starting to make real progress in dealing with the issues that affect business in Papua New Guinea,” said Carolyn Blacklock, IFC’s Resident Representative in Papua New Guinea. “By lending our global expertise to the group, we are helping to further strengthen the dialogue between government and business.”
For a start, the working group has already made progress on improving the efficiency of the country’s ports. As a result of its efforts, the government has allocated dedicated office space to customs officers at PNG Ports so that they can operate around-the-clock to speed up customs clearances, removing a bottleneck that slows down the import and export of goods.
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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