IFC offers support to businesses in central Laos
IFC offers support to businesses in central Laos
The International Finance Corporation (IFC), a member of the World Bank Group, helps enterprises in Laos with financing and expertise to grow their businesses, create jobs, improve livelihoods, and spur economic development.
In partnership with the Lao National Chamber of Commerce and Industry, the IFC hosted a workshop in Savannakhet province on April 26 to introduce businesses in the central parts of the country to its financing and advisory solutions.
More than 50 private sector representatives attended the event, in addition to senior members from the Lao National Chamber of Commerce and Industry and local government officials.
Following the workshop, participants visited businesses in the Savan-Seno special economic zone near Savannakhet, where incentives help attract investments that boost economic growth in the province and Laos as a whole.
“We are long term partners of the IFC, beginning with the establishment and administration of the Lao Business Forum in 2005,” said Vice President of the Lao National Chamber of Commerce and Industry Mrs Chanthao Pathammavong.
“This event is a great opportunity for us to raise awareness among our members about the IFC's products and services and to help them understand how best to approach the institution for support,” she said.
The workshop in Savannakhet followed similar events in Luang Prabang province and Pakxe district of Champassak province last year, also in partnership with the Lao National Chamber of Commerce and Industry.
“Laos is on the cusp of strong economic growth driven by the development of the country's natural resources and by accession to the WTO earlier this year,” IFC regional manager in the Mekong region, Simon Andrews, said.
“Located at the intersection of important regional transport routes, Savannakhet is well-placed to benefit from the increase in regional trade. The IFC plans to work with businesses, banks, the local government, business associations, and foreign investors in Savannakhet to help create jobs, raise incomes, and reduce poverty locally and throughout the country,” he said.
“We partner with private enterprises, government organisations like the Lao National Chamber of Commerce and Industry, and other local and international partners to bolster Laos's sustainable economic growth through private sector development,” said Simon Andrews, IFC regional manager in the Mekong region. “We offer our support to businesses to help create jobs, raise incomes, and reduce poverty,”
The IFC has been active in Laos since 1998, and has provided nearly US$44 million in investments and around US$9 million in advisory programmes. In Laos, the IFC seeks to improve the private sector's access to finance and build capacity, helping businesses reach their full potential and play a vital role in economic development.
vientiane times
