Kathmandu, Nepal, January 18, 2013
— IFC, a member of the World Bank Group, is working with the government of Nepal to promote greater private sector participation in policy reforms to spur business growth and create employment. With IFC's continued support, Nepal Business Forum is expected to recommend 120 reforms and have at least 60 of them implemented through the next three years.
IFC will help enhance research skills, staff capacity, and operational sustainability of the Nepal Business Forum, the platform set up by the government to involve private sector in analyzing, recommending and implementing reforms. Nepal Business Forum is supported by the SouthAsia Enterprise Development Facility, managed by IFC in partnership with the UK Government and the
Norwegian Agency for Development Cooperation.
“Nepal Business Forum has played a pivotal role in analyzing and identifying areas of reforms, improving policy coordination and facilitation,” said Krishna Gyawali, Secretary, Nepal’s Ministry of Industry. “Continued financial and technical support from IFC and private sector will enable the forum to contribute more effectively to the government’s reform agenda."
Since its inception in 2010, the Nepal Business Forum has facilitated a number of reforms. These reforms have helped reduce costs incurred by private industry to comply with government regulations by $5.67 million annually; and helped boost pashmina exports through registration of the Nepali pashmina trademark in 41 countries.
Valentino S. Bagatsing, IFC Resident Representative in Nepal, said, “IFC’s global experience and support to the Nepal Business Forum in accelerating and facilitating reforms, has helped bring government and private sector together to create new economic opportunities.”
IFC and Nepal's Ministry of Industry are working with the Federation of Nepalese Chambers of Commerce and Industries and the Confederation of Nepalese Industries to take this
agenda forward.
IFC in Nepal is committed to strengthening private sector growth, promoting a supportive regulatory framework, boosting investment and creating more jobs in the country.
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
.
Stay Connected
