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Tunis, Tunisia, October 30, 2012
−IFC, a member of the World Bank Group, is supporting the Government of Tunisia as it is simplifies business regulations, making it easier for private sector companies to generate investment, expand,and create jobs.
IFC will assist the government,in collaboration with the Presidency of the Government, in reviewing and streamlining procedures that affect businesses. Reducing bureaucratic complexities will help create an even more business friendly climate for investors and entrepreneurs, encouraging economic development across the country. The reforms will also enable the Government of Tunisia to improve its efficiency and transparency and reduce room for discretion in the application of these procedures.
“Our partnership with IFC will help us support investments, lower compliance burdens on the private sector, and create a lucrative and effective investment framework for businesses,” said Riadh Bettaieb, Minister of Investment and International Cooperation.
The project builds on an effort initiated in 2011 by the Tunisian Ministry of Finance, with support from IFC, to review and simplify over 400 tax and customs procedures.
“Excess regulations can discourage investors and make it difficult to comply with public policies,” said Magdi M. Amin, IFC Manager of the Investment Climate Business Line in the Middle East and North Africa. “When the private sector and government work together to make rules simple and transparent, it helps businesses save time and money, which they can use to grow their businesses and create jobs.”
The initiative, called the Reform of Business Formalities Project,will involve nine ministries. Recommendations to reform business procedures will be submitted to government by March 2013, with implementation scheduled for March 2014.
This initiative is part of IFC’s Investment Climate program in Tunisia, which focuses on creating a business friendly environment to attract investment.It also aims to better link the educational sector to private sector needs, review the investment code, and strengthen the bankruptcy regime.
This project was made possible with the support of Switzerland’s State Secretariat for Economic Affairs (SECO).
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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About SECO
The Economic Cooperation and Development Division at the Swiss State Secretariat for Economic Affairs (SECO) designs and implements economic and trade policy measures with selected advanced developing and transition countries. In the Middle East and North Africa, where Switzerland has been active for many years, SECO is in the process of ramping up its engagement in priority countries Egypt and Tunisia as well as around specific themes on a regional level. This includes the strengthening of its partnership with IFC in the area of business environment reforms, broadening access to finance for SMEs and supporting education. Through its support, SECO aims to promote economically, environmentally and socially sustainable growth that will create new jobs, encourage higher productivity, and contribute to reducing poverty and inequality. This is a priority which drives Switzerland’s economic cooperation with Tunisia. For more information, please visit www.seco-cooperation.admin.ch.
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