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The Solomon Islands regulatory simplification project is expected to streamline business start-up, making it easier and faster to register a new business. It will review license and permit processes to help create a more business-friendly licensing system. The project aims to foster consultations between the public and private sectors to promote reform and to deal more effectively with business challenges.
Snyder Rini, Solomon Islands Minister for Finance and Treasury, said, We welcome the presence of the World Bank Group in the Solomon Islands, and in particular highly appreciate the regulatory reform effort that will be undertaken by IFC.
Geoffrey Walton, IFC Senior Investment Policy Officer, said, IFC is keen to continue its assistance program in the Solomon Islands. Our advisory services are aimed at improving the ease of doing business and expanding private sector opportunities for economic development.
In addition to streamlining start-up in the Solomon Islands, the project seeks to introduce mediation in the resolution of civil disputes that could help relieve the burden on the court system and reduce costs. The project will also assess investment law, policy, and promotion to help increase the countrys attractiveness for foreign and local investment.
IFC will implement the project with funding from FIAS, a multidonor investment climate advisory service of the World Bank Group, and PEP-Pacific, a multidonor facility supported by Australia, Japan, New Zealand, and IFC.
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 private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totalled $16.2 billion in fiscal 2008, a 34 percent increase over the previous year.
For more information, visit www.ifc.org.
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