The Foreign Investment Advisory Service (FIAS) plays a lead role in the Bank Group's work on the business environment. In February 2007, FIAS welcomed MIGA's team and technical assistance programs as a part of an integration approved by MIGA's Board of Directors. Funded by IFC, MIGA, the World Bank, and external donors, FIAS promotes investment (domestic and foreign) by helping countries improve their business climates.
Due in part to FIAS' efforts in Sierra Leone, average business registration costs there were reduced from $1,500 to about $50. In Kenya, 110 business licenses were eliminated in 2006, and the government has committed to eliminating over 300 more following advice from FIAS. After three years of collaboration with FIAS and IFC, China and Vietnam each passed legislation that will improve access to credit for small businesses.
The Aceh Investor Outreach Office, a joint IFC and FIAS project launched in March 2007, has assisted more than a dozen potential investors to date. The outreach office acts as a gateway to Aceh for foreign and domestic investors, providing companies with information, contacts, advice on regulatory requirements, and policy advocacy. (See www.fias.net.)
© 2007 The International Bank for Reconstruction and Development/The World Bank
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