IFC HELPS MOSTAR IMPROVE ITS BUSINESS ENVIROMENT

MOSTAR, Bosnia (October 1,2007) - The International Finance Corporation (IFC) , a member of the World Bank Group, has signed an agreement with the southern Bosnian city of Mostar , marking a joint commitment to improve the business enabling environment. With more than 100,000 inhabitants, Mostar is the economic center and the largest city in Herzegovina region.

Improving the business environment by simplifying administrative procedures and providing better services will help reduce the cost and risk of doing business. This will foster competitiveness in cities and municipalities and attract more foreign direct investment.

“We hope to reduce the administrative burden for doing business and attract new companies to Mostar, and IFC’s assistance in this effort is critical,” said Ljubo Beslic, Mayor of Mostar.

“We are pleased to work with Mayor Beslic and his team. Making administrative procedures simpler for businesses at the local level should help attract new investors to Bosnia and support private sector development,” said Pierre Guislain, IFC/World Bank Director for Investment Climate.

According to Margo Thomas, IFC Business Enabling Environment Manager and Regional Program Coordinator, IFC’s assistance will help reduce the cost of doing business in Mostar by streamlining business formalities and inspections procedures, as well as increase transparency.

Established in 1956,IFC promotes sustainable private sector investment in developing countries as a way to reduce poverty and improve people's lives.

IFC is a member of the World Bank Group and is headquartered in Washington, DC. It shares the primary objective of all World Bank Group institutions: to improve the quality of the lives of people in its developing member countries.

Mostar is the second locality in Bosnia to be included in IFC’s subnational competitiveness project in the country.