Comoros - Setting The Stage for a Better Business Environment
In the Union of the Comoros, an archipelago nation off the coast of East Africa, decades of institutional instability are giving way to the re-establishment of political calm, and, in the process, setting the stage for a better business environment.
The World Bank Group and a community of international partners have been working with the Comorian government and the private sector since 2010 to find ways to minimize administrative barriers that have made it difficult to start a business, get credit, or access investment guarantees on the island.
Steady improvements to the investment climate were seen in this year's Doing Business report. Reforms have reduced the number of days and procedures needed to start a business, among other indicators. And by recently joining the World Bank Group’s Multilateral Investment Guarantee Agency (MIGA), the Comoros has boosted its investment potential by providing political risk insurance to foreign investors.
IFC and the World Bank are stepping up their efforts in Comoros and other fragile and conflict affected states, which will be home to 80 percent of the world’s poor by 2025 if present trends continue. Africa is home to 19 of the 36 countries the World Bank defines as ‘fragile or conflict affected’, but many of them are instituting the necessary reforms that will help them shed their fragile status.
IFC’s Conflict Affected States in Africa Initiative (CASA) is supporting private sector development in nine conflict affected countries in the region (Burundi, the Central African Republic, Cote d’Ivoire, the Democratic Republic of Congo, Guinea, Liberia, Mali, Sierra Leone, and South Sudan), working with other IFC programs to promote investment climate reform, small business growth, and improved infrastructure.