|
Podgorica, Montenegro, October 16, 2007
— IFC, a member of the World Bank Group, has signed an agreement to support mediation in Montenegro with the country’s Ministry of Justice, UNICEF, Save the Children UK, and the Organization for Security and Co-operation in Europe’s mission to Montenegro.
The opening of the mediation center in Podgorica, Montenegro’s capital, is the first step in developing an alternative dispute resolution program in the country. Mediation is an important factor in enhancing the business environment, as it helps businesses unlock capital tied up in litigation, while reducing pressure on the clogged courts.
Miras Radovic, Montenegrin Minister of Justice, said, “By introducing mediation, we are improving the conditions for doing business and sending a clear signal to investors that Montenegro is a good place to invest. Mediation will provide a more efficient and cheaper way of resolving commercial disputes in the country.”
IFC is already implementing the alternative dispute resolution program in Albania, Bosnia and Herzegovina, FYR Macedonia, and Serbia. To date, 10 mediation centers have been established across the region, where 62 newly trained mediators are providing services.
Philip Condon, Head of IFC Advisory Services in Southern Europe, said, “Over the past two years we have seen a lot of success using mediation across the region—more than 2,700 cases have been resolved in an average of 30 days. As a result, about $60 million tied up in disputes has been released.”
IFC’s alternative dispute resolution program
is working closely with ministries of justice, state institutions such as training centers for judges, courts, associations, chambers of commerce, bar associations, and chambers of mediators. The program
is financed by the government of the Netherlands.
About IFC
IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. IFC’s vision is that poor people have the opportunity to escape poverty and improve their lives. In FY07, IFC committed $8.2 billion and mobilized an additional $3.9 billion through loan participations and structured finance for 299 investments in 69 developing countries. IFC also provided advisory services in 97 countries. For more information, visit
www.ifc.org
.
IFC provides advisory services to support private sector development and attract new investments in Southern Europe. The programs concentrate on four business lines: value addition to firms, access to finance, infrastructure advisory services, and the business enabling environment. To learn more about IFC’s advisory programs in Southern Europe, visit
www.ifc.org/pepse
.
|
