For any long-term improvements in the business environment, businesses must be motivated to come forward with common interests, business associations must effectively advocate to the policy makers for corresponding reforms, and Government agencies must be equipped to implement reforms in order to provide businesses with optimized services. The IFC BICF aims to provide a platform for strengthening this crucial chain of collaboration.
Specifically, the private sector will play a key role in the IFC BICF facilitated reform program by participating in a Public-Private Forum and associated working groups. IFC BICF will help develop independent analytic capacity in the Forum to analyze specific investment climate issues. The private sector will provide key insights and support to analyzing and rationalizing the business regulations currently impeding investment. In addition, the private sector will be represented on the Technical Advisory Committee to provide inputs into IFC BICF’s strategy. Engagement of local think tanks, academic institutions, civil society, and non-governmental organizations will also be instrumental to completing IFC BICF’s activities.
As weak infrastructure is a key concern of business in Bangladesh, IFC BICF will operate alongside the World Bank-led Private Sector Development Support Project. As an example, the World Bank’s PSDSP would make infrastructure investments in economic zones, while the IFC BICF would provide advisory assistance to ensure a sustainable, long term impact of such investments—e.g. improving the respective regulatory framework and simplifying procedures.
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