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WASHINGTON, May 22, 2008 – The World Bank Board of Executive Directors today approved an International Development Association (IDA) credit* of US$5.0 million for the Business Environment Enhancement project in Mauritania. The project will contribute to the Government’s poverty reduction and economic growth strategy by helping to create the necessary conditions to improve private sector competitiveness, growth, and job creation.
The Business Environment Enhancement Project will be co-financed by the Government of the Islamic Republic of Mauritania. The total estimated cost of the project is US$7.0 million, of which IDA will fund US$5.0 million and the Islamic Republic of Mauritania will fund US$2.0 million.
“The Government of the Islamic Republic of Mauritania recognizes that the development of the private sector requires an improvement of the “investment climate” in order to promote stronger economic growth within a market economy and to reduce poverty,” said Sherri Ellen Archondo, World Bank Task Team Leader for this project.
The Business Environment Enhancement Project goal is to support the Government in its reforms to enhance the business climate through improvements in the financial, legal and judiciary sectors, and regulatory environment for business, and support measures to restructure selected Public Enterprises. This will facilitate private-sector led growth/investment in the economy and improve the services of selected Public Enterprises that directly impact private sector growth and development.
This will be achieved by:
(i) Improving the business climate to foster private sector development through strengthening the financial sector to increase access, improving the legal and judicial framework, and streamlining the regulatory environment for business.
(ii) Building Public-Private Partnerships and Productivity Enhancement through improvement of corporate governance of public enterprises and supporting several reform measures in the utility sector.
*The credit is provided on standard International Development Association (IDA) terms, with a commitment charge of 0.10 percent per annum and a service charge of 0.75 percent per annum (on the disbursed credit balance) over a 40 year period of maturity which includes a 10-year grace period.
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