Encouraging private sector-led growth and easing of constraints to business are key tools for attracting investment, creating jobs, and enhancing economic development in the country, IFC said as a press conference on Thursday.[break]
“Nepal is very important to IFC and its progress is an example for other governments to follow,” Fred Zake, the head of Nepal Investment Climate Reform Program, at the press.
As of June 2013, IFC has a committed portfolio of $48 million, mainly in power, transport, financial market, microfinance and trade finance projects in Nepal.
IFC also provides advisory services to strengthen business regulations, increase access to finance, support development of smaller enterprises, and facilitate creation of public-private partnerships in infrastructure.
IFC´s advisory program in Nepal is delivered through Nepal Investment Climate Reform Program, supported by the South Asia Enterprise Development Facility, which is managed by IFC in partnership with the UK government and Norwegian Agency for Development Cooperation.
IFC´s advisory interventions include legal and procedural streamlining to facilitate trade; electronic registration of business; reforms in tax simplification and compliance; enhanced institutional capacity of Nepal Business Forum and adoption of 55 reforms through it.
IFC is keen to extend its investment support to Nepal in developing hydropower, tourism, agri-business and financial sectors. Assistance will also be given to improve regional air connectivity, domestic aviation safety, food safety, trade, investment regime and support action oriented dialogue.
Related story
NMB Bank receives IFC award
