Competitiveness is key for companies willing to grow and expand to new markets. In ECA, IFC helps companies increase efficiency of operations, helps producers develop sustainable local supply chains, including local farmers and SMEs, supports introduction of new technologies and energy-efficient improvements, and helps state-owned enterprises prepare for privatization.
In fiscal year 2018:
- IFC launched a new advisory project to help Belarus develop competition policy, and helped draft a law on mandatory regulatory impact assessment.
- In Macedonia IFC helped establish insolvency system. In Kosovo, we are helping the Ministry of Trade and Industry reform the business inspections system, simplifying administrative procedures, and providing better services to investors.
- IFC provided a $25 million loan to Nobel Ilac, a leading pharmaceutical company in Turkey and the country’s only net exporter in the sector, to help meet the growing demand for innovative, affordable, and high-quality medicine in Turkey. IFC’s loan will support Nobel Ilac’s research and development efforts and help the company ramp up production.
- IFC granted a 7-year loan of approximately $100 million to Tüpraş, Turkey’s oil refiner and largest industrial company to support its investment plans concerning environmental upgrades, improvement in efficiency, and research & development activities. With IFC’s investment, Tüpraş will produce more value-added products using the same feedstock.
- In Armenia we launched a new project to improve the Government of Armenia’s ability to attract export oriented, efficiency-seeking, foreign direct investment (FDI) in high value-added segments and promote exports of specific agri products.
- We started implementing a new advisory project in Azerbaijan to help the government improve the country’s investment climate, attractiveness for FDIs, and competitiveness of the agribusiness sector through modernizing and shifting to risk-based inspections and streamlining permissive documents and regulatory framework for doing business.
- In Serbia, the Parliament adopted the Law on Bankruptcy, prepared with IFC advice, and in line with the government’s action plan to improve the status of secured creditors to increase and accelerate the sale of assets, and thus reduce the average period of settlement.
- We are helping Uzbekistan's Ipoteka-Bank and Ukrainian Ukrgazbank prepare for privatization, strengthening corporate governance, ensuring operational autonomy and improving banking model.
- IFC launched a new advisory project in Georgia to support the government in regulatory reforms in agriculture to benefit from the Deep and Comprehensive Free Trade Area (DCFTA) between the European Union (EU) and Georgia; attracting and retaining investments in export sectors; and streamlining customs procedures.
- A five-year IFC’s Investment Climate Program in close cooperation with state agencies helped the Kyrgyz government introduce a risk-based approach to inspections, which saved businesses about $5 million in compliance costs, supported investment policy reforms that generated up to $14 million in investments, and helped with tax system reforms that saved businesses $2.2 million in 2016. The program also led the development of new food safety legislation, and initiated a number of reforms to help local food producers open new markets.