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IFC ushers in Bhutan as 176th member
New York, Dec 02: Bhutan has become the 176th member of the International Finance Corporation (IFC), the private sector arm of the World Bank Group.
New York, Dec 02: Bhutan has become the 176th member of the International Finance Corporation (IFC), the private sector arm of the World Bank Group.
"We welcome Bhutan as a member and look forward to becoming a partner in the development of its private sector," IFC vice president, Farida Khambata said after signing the agreement here yesterday. "We share the same vision of a private sector which contributes to development in a sustainable way and look forward to working with domestic and foreign investors to promote growth in tourism, agribusiness, and forestry," she added. After signing the agreement, Bhutan's Ambassador to United Nations Daw Penjo expressed confidence that IFC would play an important role in Bhutan's development process, particularly in the development of the private sector, which he termed as critical for long-term sustained growth. IFC will initially focus on technical assistance to support the growth of small and medium enterprises through the South Asia Enterprise Development Facility based in Dhaka, Bangladesh.
The Foreign Investment Advisory Service or FIAS, a joint service of IFC and the World Bank, will continue to work with the government to create a policy and regulatory framework for private investment, IFC said.
Bureau Report
"We welcome Bhutan as a member and look forward to becoming a partner in the development of its private sector," IFC vice president, Farida Khambata said after signing the agreement here yesterday. "We share the same vision of a private sector which contributes to development in a sustainable way and look forward to working with domestic and foreign investors to promote growth in tourism, agribusiness, and forestry," she added. After signing the agreement, Bhutan's Ambassador to United Nations Daw Penjo expressed confidence that IFC would play an important role in Bhutan's development process, particularly in the development of the private sector, which he termed as critical for long-term sustained growth. IFC will initially focus on technical assistance to support the growth of small and medium enterprises through the South Asia Enterprise Development Facility based in Dhaka, Bangladesh.
The Foreign Investment Advisory Service or FIAS, a joint service of IFC and the World Bank, will continue to work with the government to create a policy and regulatory framework for private investment, IFC said.
Bureau Report