In Washington, DC:
Maria Alexandra Velez
Phone: (202) 457 8789
E-mail: mvelezhenao@ifc.org

Rebecca Ong
Phone: (202) 458 0434
E-mail: rong@worldbank.org


Washington, D.C., June 4, 2008—Today, ministers of finance, trade, and economic development from Bulgaria, Colombia, Croatia, Egypt, Georgia, FYR Macedonia, and Saudi Arabia will share their business regulation reform programs with investors during a seminar at the New York Stock Exchange, hosted by IFC and the World Bank. The ministers will also receive awards on behalf of their respective countries, which are top global reformers according to the IFC-World Bank 2008 Doing Business Report.

The top reformers have simplified starting a business, strengthened property rights, enhanced investor protections, improved access to credit, eased tax burdens, and cut the cost of importing and exporting. Egypt was the fastest reformer this past year, and Croatia was runner-up.

“Reform takes strong leadership, vision, and energy,” said Michael Klein, World Bank-IFC Vice President for Financial and Private Sector Development. “We want the top reformers to be recognized for their efforts, to inspire other would-be reformers, and to engage with investors who value the potential of reforming economies. Improving regulations is important to enable a thriving private sector, create jobs, promote growth, and raise living standards for all.”

The Doing Business project established the Reformer’s Club last year, bringing together economic and finance ministers from the top reforming countries to share their experiences.

“This event is about smart regulation and new opportunities that open when governments make it easier for men and women to start and run a business,” said Graeme Wheeler, Managing Director of the World Bank Group. “As we listen to the reformers’ stories, we can all learn from their achievements and the innovative ways in which they made reform possible.”

The annual Doing Business Report casts light on the challenges and opportunities for reform by comparing regulations and property rights enforcement across 178 economies. Rankings are based on 10 indicators of business regulation that track the time and cost to meet government requirements in business start-up, operation, trade, taxation, and closure. Since 2003, Doing Business has inspired or informed 165 reforms worldwide.

The Doing Business project is based on the efforts of more than 5,000 local experts—business consultants, lawyers, accountants, government officials, and leading academics around the world, which provided methodological support and review. The data, methodology, and the names of contributors are available online at www.doingbusiness.org