Kathmandu, Nepal, May 6, 2011
—IFC, a member of the World Bank Group, is helping Nepal ease regulatory constraints for doing business by developing an electronic portal that will help entrepreneurs apply online to start up and operate a business.
IFC and the U.K. Department for International Development are working with the Nepal government to develop an e-portal with a comprehensive inventory of business licenses issued by the government. The initiative marks a first step in the government’s commitment to streamline requirements for doing business in the country. Through this e-portal economic activities in Nepal will grow as new businesses will be created and many existing informal businesses can be formalized by obtaining necessary licenses with greater ease.
“The new e-portal shows how serious the government is about improving Nepal’s regulatory environment,” said Begendra Paudyal, Joint Secretary,Nepal Ministry of Industry. “Through this project, IFC is sharing good international principles with us, as well as providing hands-on expertise that will help us improve the business environment to boost business.”
Private sector development and new business development are critical to Nepal’s economic growth and prosperity. The country, ranked 116
th
out of 183 economies surveyed in the World Bank Group’s
Doing Business 2011
report, could improve the ease of business in several areas, including starting a business, dealing with construction permits, paying taxes, and trading across borders. Improving the business environment in Nepal could also help reduce costs and manage risks for local entrepreneurs.
IFC and the government are working closely with the Nepal Business Forum, a group set up by the government to stimulate dialogue among government institutions and the private sector to simplify regulations and improve the business climate.
“This initiative has opened channels of communication between the government and local businesses, and the e-portal is a tangible and powerful example of these efforts,” said Ian Crosby, Manager, IFC Advisory Services, Bangladesh, Bhutan and Nepal.
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing capital for private enterprise, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $18 billion in fiscal 2010, helping channel capital into developing countries during the financial crisis. For more information, visit
www.ifc.org
.
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