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FIAS – FACILITY FOR INVESTMENT CLIMATE ADVISORY SERVICES: CONSULTATIVE COMMITTEE OF DONORS MEETING

FIAS – FACILITY FOR INVESTMENT CLIMATE ADVISORY SERVICES: CONSULTATIVE COMMITTEE OF DONORS MEETING. Paris , France November 14-15, 2012 Pierre Guislain Director, Investment Climate Department and FIAS . Investment Climate – A Joint World Bank Group Space. A unique, integrated space

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FIAS – FACILITY FOR INVESTMENT CLIMATE ADVISORY SERVICES: CONSULTATIVE COMMITTEE OF DONORS MEETING

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  1. FIAS – FACILITY FOR INVESTMENT CLIMATE ADVISORY SERVICES:CONSULTATIVE COMMITTEE OF DONORS MEETING Paris, France November 14-15, 2012 Pierre GuislainDirector, Investment Climate Department and FIAS

  2. Investment Climate – A Joint World Bank Group Space A unique, integrated space Integration of WBG delivery platforms over the past years has helped move towards consolidated IC program Ultimate objective: better service and value to clients • IC-related mandates are included in IFC, MIGA and World Bank Articles/Convention [see slide in annex] • In addition to IFC, MIGA, and WB/FPD, close connections in specific areas with other World Bank Networks: e.g., PREM: tax, trade logistics; SD: infrastructure, agribusiness; HD: health CIC / FIAS FIAS

  3. Investment Climate Department (CIC) as “Anchor Unit” for WBG IC Space: Main Functions Host of FIAS Program and related TFs Anchor unit for IFC IC Business Line Anchor unit for FPD IC Global Practice Implementer of MIGA TA • Managing FIAS program, including all FIAS TF • Relationship management vis-à-vis donor group interested in IC • Anchor department for IFC IC Business Line; full integration in IFC AS • Close cooperation with IFC regional AS units via RBLMs and region-based IC staff • Co-managing WBG IC program in Africa • Anchor department for FPD IC Global Practice • Integration with Bank regional work programs via FPD regional sector managers and FPD staff affiliated to each of the four IC service lines • Continuation of mandate to implement MIGA’s TA function • Collaboration with MIGA in particular on Investment Policy work (new political risk work stream); industry-specific IC work (including investment promotion in key sectors)

  4. About FIAS:Facility for Investment Climate Advisory Services • Global funding and partnership platform for IC reform, supported by IFC, MIGA and IBRD and large group of donors • Mission: To facilitate reforms in developing countries to foster open, productive, and competitive markets and unlock sustainable private investments in sectors that contribute to growth and poverty reduction • Operating in strategy cycles: FY12-16 cycle launched on July 1, 2011, based on strategy endorsed by WBG Board and donors • Consultative Committee of Donors meets annually to review progress achieved and discuss priorities • Administered by IFC on behalf of WBG, under formal oversight of a Supervisory Committee consisting of IFC, WB and MIGA top level management

  5. Supervisory Committee and Management Team Supervisory Committee Members Jin-Yong Cai EVP and CEO, IFC Izumi Kobayashi EVP, MIGA JanamitraDevan VP, FPD, WBG NenaStoiljkovic VP, BAS, IFC MakhtarDiop VP, Africa, WB CIC/FIAS Management Team Pierre Guislain Director, Investment Climate Department, IFC IC Business Line and FPD IC Global Practice Najy Benhassine Manager, Business Regulation Christine Zhenwei Qiang Manager, International Trade & Investment Carolina Renteria FPD IC Global Practice Manager David Bridgman Manager, Africa & IFC IC RBLM for Africa (Nairobi) Beat Heggli Lead Operations Officer Cecile Fruman Manager, Private Participation in Infrastructure and Social Sectors Marialisa Motta Director, FPD LAC and FPD IC Global Practice Cecilia Sager Manager, IC for Industry (Istanbul)

  6. Agenda DAY ONE: Session 1: Review of FIAS achievements in FY12 Session 2: IC Reform in Fragile and Conflict-affected Situations (FCS) Session 3: How We Work With Other Parts of the WBG on Private Sector Development and IC Donor Dinner: Restaurant Les Salons des Arts et Métiers, 9 bis, Avenue d'Iéna (5 minutes walking distance from World Bank Office) DAY TWO: Session 4: The Jobs Agenda Session 5: Result and Impact Measurement Session 6: Donor Feedback

  7. Session 1: Overview of achievements in year one of the FY12-16 Strategy Cycle

  8. Reminder: Strategic Directions for FY12-16 • OPERATING PRINCIPLES: • Manage for Impact • Benchmarks to Spur Reform • Innovation/ Incubation • Partnerships and Knowledge • Crisis Response Capability Economy-wide • CROSS-CUTTING THEMES: • Inclusion/ Gender • Economic Governance • Competition • Green Growth • ICT Continued focus on priority clients: IDA (FIAS target: 70%) Africa (target: 50%) FCS (target: 25-30%) [targets: % of CF project spend] [Outside FIAS] Industry-specific

  9. FY12-16 Product Mix FY12 Product Line-up Key developments Business Regulation(Merger of Business Entry and Business Operations) • From regulatory simplification towards regulatory quality • Maturation plan for BR 2.0 • From DB indicators towards a wider set of benchmarking indicators • New IC Reform Memo as key engagement tool • Focusing on implementation and transparency and regulation Indicator-based Reform Advisory Debt Resolution & Business Exit(Merger of R&I, ADR, and legal work related to STCR) • Using mediation to resolve sectoral disputes Business Taxation • Scaling up tax transparency Trade Logistics • Increased focus on trade logs issues related to agribusiness and food security • Increased integration of the private sector into global value chains • Regional integration • Political risks Investment Policy Industry-specific IC: Real Sectors(focus on agribusiness and tourism ) • Continued focus on agbiz and tourism; • Proof of concept – best ways to help generate investment Not covered by FIAS: IC for Infrastructure & Social Sectors(focus on renewable energy, health, and education) Implementation and results Overall: moving towards a “post-product” world– i.e., more programmatic approach; solutions-centered; increasingly working across all World Bank Group units

  10. Key Achievements (1): Focus on Priority Client Groups, Outcomes and Impacts FY12 Reforms - Regional Distribution Spend targets: Continued focus on priority clients (share of client-facing project spend) • IDA: 77%(target: 70% expenditures) • Africa: 69%(target: 50% expenditures) • FCS:20%(target: 25-30% expenditures) Outcome targets: 46 IC reforms implemented with FIAS support during FY12 (cycle target: 250 reforms) • Reforms in IDA countries: 61%(cycle target: 60%) • Reforms in Africa: 41%(cycle target: n/a) • Reforms validated by DB Reports: 36out of 46 (78%) (cycle target: 50%) Impact targets: • Compliance cost savings:$118 million (mostly from BR and Tax Simplification projects; based on CCS methodology piloted in FY11) (cycle target: $350 million over 5 years) • Other impact targets mentioned in FIAS strategy: • $3 bn Investment generated • $2.5 increase in trade flows • 11,000 firms continue as going concern • 10% increase # of firms complying with tax requirements

  11. Select Examples of FIAS-Supported IC Reforms • In Kosovo: new laws eliminated the minimum capital requirement, the fee to register a business, the municipal work permit, and streamlined the procedures for construction permits and related controls. >> As a result, businesses will benefit from significant cut in red tape when registering; this should affect at least 7500 businesses annually. • In Burundi, an investment climate program helped the country become the 5th most improved economy in the world (DB 2013). • new company law reduced time and costs of starting a business while strengthening investor protection • faster and cheaper procedures to obtain construction permits, and simplified tax payment procedures >> We expect that 5,000-8000 new companies will register over next 2-3 years. • Introduction of an integrated package of reforms for the agribusiness sector in Moldova, including the establishment of a single Food Safety Agency in line with international best practice to ensure science-based, non-duplicative, and business friendly food safety controls. >> Consumers will benefit from improved product quality and firms in the sector are better positioned to meet EU requirements and access this key market. • A joint, single border post for goods clearance and inspections between Burkina Faso and Togo was implemented at Cinkanse. This reform is a first for Burkina Faso and a significant one in the region.

  12. Key Achievements (2): Increase of Industry-Specific Activities • Objective: Significant increase of industry-specific IC work in FY12–16 cycle • Economy-wide reforms often not sufficient to trigger investment • Many obstacles to investment and business activity are sector specific • Target:increase share of industry-specific work from 15% (average FY08-11) to 30-40% by end of FY12-16 cycle (based on product mapping methodology) • FY12: share increased to 18%, mostly due to tripling of engagement in agribusiness • Issues to be addressed in FY13/14: • Is primary focus on agbiz and tourism too restrictive? • Achieving (and tracking) industry-specific results achieved via economy-wide products/interventions • Further clarify engagement model with FPD Competitive Industries Practice (SEZ activities already transferred to CI) • Proof of concept: do our IC4I activities indeed lead to more investment?

  13. High Client Satisfaction… What IC Clients are saying: Reasons cited most often by clients when asked about the two greatest strengths of IC advisory services: Technical competence Global experience and knowledge Working effectively with all players involved in the project (see details in Annex, slide 28) >> These strengths are related to the indirect contributions made by FIAS to the entire IC portfolio, via FIAS-funded global expert teams. Client satisfaction remains at very high level (91%) (IC BL client satisfaction results are used as proxy for FIAS)

  14. …and High Development Effectiveness /FIAS • High DE ratings for FIAS projects (86%; 6 out of 7 client-facing projects closed in FY12 received positive DE rating by IFC’s Development Impact Department) • One project rated unsatisfactory by CDI: Sierra Leone – Tourism. • CDI assessment indicated that client’s political will to pursue reforms was overestimated. However, CDI did not take into account that the project approach was re-focused during implementation and is likely to lead to a $40 million investment, achieved jointly with PPP Business Line.

  15. Progress on Result and Impact Measurement What have we achieved in FY12? • Enhanced the M&E framework to increase focus on outcomes and (new) reach indicators • Identified knowledge gaps through literature reviews and expert discussions • Launched the joint Donor/WBG program on Impact, Sustainability and Value for Money of IC reforms What is coming up in FY13? • Operationalizing the new M&E framework, including piloting new IC contributions to Institutional Development Goals (IDGs) • New literature reviews on investment policy, industry (agribusiness) and job creation • Launching programmatic implementation of impact assessments (Paris workshop) • Developing methodology of Value for Money >> “Managing for Impact” – further strong efforts are required in FY13 to achieve the goal. More details in separate Result and Impact Measurement session on Thursday.

  16. IC-related Evaluations (1): FIAS FY08-11 Cycle Evaluation FIAS FY08-11 cycle evaluation (Phase 2 completed May 2012): • Scope: Desk review of entire FIAS portfolio implemented during FY08-11 cycle, plus case studies of select programmatic engagements (Vietnam, Colombia, Kenya) • Key Findings: consistent with the findings from Phase 1 (presented last year): • Most strategic elements implemented as planned • Projects generally well designed and managed • High client satisfaction • Project outcomes exceeded targets • Case studies: “programmatic approach” at country level is not always by design; and some implementation weaknesses • Recommendations and how they are being addressed: • Securing client commitment – all projects require Cooperation Agreement with client (or other written understanding) on scope of work, intended outcomes, modalities of cooperation, and result measurement framework/indicators • Refining M&E and impact framework – enhanced framework endorsed by IC Business Line Committee in October 2012 and currently being rolled out • Strengthen field-based delivery capacity – further strengthening of CIC hubs in Istanbul, Vienna, Nairobi and Dakar (IFC management green light for significant scaling-up in Istanbul and Vienna); continued efforts to decentralize CIC staff to regions, train field staff via deep dives, and rotate them through short-term HQ assignments

  17. IC-related Evaluations (2): Business Operations (BOp) Product Evaluation • Coverage: 59 BOp projects implemented by IFC worldwide, 2010-12 • Main results: • Globally positive assessment: results; quality; timeliness; improved laws, regulations and processes. Most successful when government capacity exists (e.g. ECA/Balkans). • Positive performance usually associated with: higher levels of development of beneficiary countries; continuity of IFC action and duration of project. • Primary focus has been on “simplification/cutting red-tape agenda”, less focus on quality of regulations or measuring their actual implementation. • Sometimes insufficient justification of why certain areas of reforms have been selected, and overreliance on DB rankings alone to select reform topics. Little use of other sources, surveys, reach indicators, breadth of potential impact or relevance of the topic. • “Guillotine”, with embedded RIA processes, overall successful at cutting stock of business licenses, but numbers may be inflated by irrelevant/unused regulations. • Except in the Balkans, institutionalization of these processes has been weak. Need to focus on most important regulations, and to select country-focus based on capacity. Other ongoing and planned evaluations: Romania (Insolvency impact evaluation; ongoing) Tax Product evaluation (FY13/14) Georgia (SME tax impact evaluation; ongoing) Trade Logistics Product evaluation (FY14/15)

  18. Continued Strong Focus on Knowledge Management and Learning Knowledge sharing across WBG and with clients to provide and facilitate cutting-edge knowledge transfer • Over 36 events (BBLs, seminars, “deep dive” learning events, and client peer-to-peer workshops) attracting more than 1,500 staff and external participants. Awarded with IFC’s "Knowbel" prize for Excellence in Knowledge Sharing for work on peer-to-peer learning leading to new bilateral technical assistance. Vibrant Investment Climate Community of Practice, reaching WBG colleagues and field staff • Intensive learning/deep dive events organized, including on trade logistics (in Vienna, and New Delhi); debt resolution (Cape Town and Tunis), and Agribusiness and Infrastructure (Istanbul). • Global Investment Promotion Best Practices 2012. • Viewpoint Notes on: • Reforming Business Taxes • Settling Out of Court: How Effective is Alternative Dispute Resolution? • Saving Viable Businesses: The Effect of Insolvency Reform Flagship publications • www.wbginvestmentclimate.org • Page views up from 137,000 in 06/2011 to 508,000 page views in 06/2012. • Website is among top 3 search results for "investment climate" in Google. • BE Snapshots received an estimated 40,000 site visits in FY12 • Multimedia videos: 13 IC videos (short films, slideshows and interviews with beneficiaries of IC projects) received a total of 5,000 views on YouTube. Online tools

  19. Cross-cutting Themes • Research and reforms that empower women and address inclusion to improve women’s economic participation (example: SEZs) • Inclusion in projects of explicit principles of voice, participation, transparency, and accountability • Assessing and implementing sector-specific and economy-wide competition policy reforms • Developing “green” solutions - supporting green building regulations and advising on environmental regulations • Harnessing new technologies to improve quality and accessibility of information and increase transparency of government services. Initial work started in all areas and to be scaled up further in FY13. Further details in annex slides.

  20. FY12 FIAS Financial Results Note: FY12 figures include AS BB admin budget/expenditures ($1.2 m) provided by IFC to cover AS “mainstreamed” staff-related costs; in FY08-FY11 these costs funded by FIAS core trust funds. *FY08-FY12 expenditures include IC BL FIAS-related expenditures, total ICBL FIAS-related FY08-FY12 expenditures, $15.8 m • FY12 FIAS (gross) expenditures: $28.0 m (versus $31.2 m budget; 90% budget utilization); in line with cautious spend projections in FIAS Strategy document • Main reasons for budget under-spend: • Space constraints at HQ and in key field offices prevented scaling up of operational staff • $1.0 m of rent absorbed by IFC FIAS as institutional cost; will affect FY13 budget • Increased cross-support by CIC teams to other WBG units (cross-support out + $0.7 m over FY11)

  21. Fund-raising Results in FY12 and FY13-FY16 Outlook (FIAS only) • Notes: • WBG includes core contributions from IFC, IBRD and MIGA; IFC core contribution includes allocation made available as RAB due to FMTAAS mainstreaming. MIGA core contributions are $2.5 million in FY12, $2.4 million in FY13, $2.0 million p.a. thereafter. Assumed as secured per FIAS Board paper. • FY12 budget represents actual expenditure; including IFC administrative budget. FY13base budget fully funded, with additional unsecured funding in pipeline. Share of WBG contributions in FY12 was 28% (vs. cycle target of 29%); IFC: 14%; MIGA: 8%; IBRD: 5%. Share of client contributions remains under target due to majority of engagements in IDA countries. About 2/3 of FY12-16 funding target of $155 m has been secured (surpassing FY13 goal of 50%).

  22. In Summary: • Successful launch of the FY12-16 strategy cycle • Good reform yield, strong Development Effectiveness • Reaching targeted priority clients, high client satisfaction • Continued strong WBG internal and donor support • Operating in a joint WBG space remains challenging but offers huge opportunities • Continuing to operate FIAS under a “oneWBG” approach, fully aligned with views of new WBG President and supported by IFC, MIGA and WB • Continued focus on integrator and connector role: working with partners to bring to bear their unique strengths in a coordinated way • Outlook for FY13/issues requiring continued attention: • Roll-out of M&E Framework and delivering on impact agenda • Scale-up and proof of concept of industry-specific work • Scale-up of FCS engagement • Operationalization of cross-cutting themes: articulation of objectives & approaches, what does success look like?

  23. ANNEX

  24. PSD and Investment Climate in the WBG Articles IFC Articles of Agreement, Purpose “The purpose of the Corporation is to further economic development by encouraging the growth of productive private enterprise in member countries, particularly in the less developed areas, thus supplementing the activities of the International Bank for Reconstruction and Development (hereinafter called the Bank). In carrying out this purpose, the Corporation shall: (i) in association with private investors, assist in financing the establishment, improvement and expansion of productive private enterprises which would contribute to the development of its member countries by making investments, without guarantee of repayment by the member government concerned, in cases where sufficient private capital is not available on reasonable terms (ii) seek to bring together investment opportunities, domestic and foreign private capital, and experienced management; and (iii) seek to stimulate, and to help create conditions conducive to, the flow of private capital, domestic and foreign, into productive investment in member countries. ” MIGA Convention, Art. 2 and 23 “The objective of the Agency shall be to encourage the flow of investments for productive purposes among member countries, and in particular to develop member countries, thus supplementing the activities of the IBRD, the IFC, and other international development finance institutions. To serve this objective, the Agency shall […] carry out appropriate complementary activities to promote the flow of investments to and among developing member countries,” including “undertake activities to promote investment flows and disseminate information on investment opportunities in developing member countries, with a view to improving the environment for foreign investment flows to such countries. The Agency may, upon the request of a member, provide technical advice and assistance to improve the investment conditions in the territories of that member. “ IBRD Articles, Art. I.ii “The purposes of the Bank are […] to promote private foreign investment by means of guarantees or participations in loans and other investments made by private investors; and when private capital is not available on reasonable terms, to supplement private investment by providing, on suitable conditions, finance for productive purposes out of its own capital, funds raised by it and its other resources.” IDA Articles, Preamble “That achievement of these objectives would be facilitated by an increase in the international flow of capital, public and private, to assist in the development of the resources of the less-developed countries […].”

  25. CIC/FIAS Organizational Chart • Bulleted copy goes here bulleted copy goes here • Sub bullet goes here • Bulleted copy goes here bulleted copy goes here • Sub bullet goes here • Bulleted copy goes here bulleted copy goes here • Sub bullet goes here • Bulleted copy goes here bulleted copy goes here • Sub bullet goes here

  26. Evolution of Investment Policy Product VISION: Increased integration of the private sector into global value chains. OBJECTIVE: Remove legal, regulatory and administrative impediments to attracting and retaining FDI, and maximizing its integration and spillovers in the domestic economy.

  27. STRENGTH OF IC vs. IFC ADVISORY SERVICESIn your opinion, what are the two greatest strengths of IFC advisory services? CATEGORIZED COMMENTS Source: IFC Client Survey, 2012 # of IC respondents who answered question=75; # of all AS respondents who answered question=427 * Client responses to open-ended questions were categorized into the above areas by DPSense.

  28. Cross-Cutting Theme: Gender • GENDER RESULTS (FY12): • > 40 dispute cases referred to ADR, > 40 cases settled • 5 mediators trained • > 4000 women engaged in workshops • 53 % of trainers trained • Female workers in SEZs trained • Female workers representation in SEZs increased ECONOMY-WIDE SECTOR-SPECIFIC • SPENT $1.2m (FY12) ON GENDER ACTIVITES

  29. Cross-cutting Theme: Green Growth • Approach & Key objectives • Renewable Energy: Work with governments to (a) remove constraints to private entry (enabling third party access and reviewing sector laws to allow cogeneration); (b) secondary rules and regulations (simplification of licenses, approvals; light handed regulation); (c) tax and non tax investment incentives; • Green Building: Work with regulators, enforcement agencies, building compliance professionals and building professionals to reduce GHG emissions and improve energy, water and other resource efficiencies associated with new building construction. • Low Carbon Zone: Work with industrial zone regulators and private sector to lower carbon footprint along the value chain of diverse economic activities in an industrial zone setting • Environmental licensing: Work with environmental agencies , private sector and critical industries to improve the efficiency of environmental licenses by reducing unnecessary administrative burden and improving regulatory outcomes. • Update & Next steps • Renewable Energy: Active projects in several countries, including Nepal, Kenya, Rwanda, South Sudan, Ukraine, Tajikistan, and Balkans. • Green Building: First legislation passed in Jakarta in April 2012. Active portfolio of 5 projects in Indonesia, Bangladesh, Colombia, the Philippines and Vietnam. Prospects of short to medium term portfolio expansion in China, Maldives, India and Nepal. • Low Carbon Zone: First pilot project underway in Bangladesh. Low-carbon zone roadmap and guidelines are being developed after technical diagnostics including GHG emissions accounting, energy audits and mitigation opportunities identification. Next steps include implementation support and scaling up to wider range of industries and zones • Environmental licensing: Ongoing pilot project in Brazil and Bhutan. A full internal World Bank Group mapping was completed pointing out gaps and areas of opportunities for investment climate advisory services. Next step includes a mapping of external key stakeholders and think tanks that will point out opportunities for collaboration. A second pilot project could be initiated in Botswana.

  30. Cross-cutting Theme: Promoting competition • Competition work enhances investment climate reforms economy-wide and in specific sectors through two work streams: Highlights • In FY12, analytical pieces and technical advise were provided for project design and implementation in over 20 jurisdictions. Design and implementation of pro-competition reforms in regional groups, such as the East African Community (EAC), and seven countries (CAR, Honduras, Kenya, Moldova, Peru, Philippines, Tunisia). Target sectors include agribusiness, transportation and business services. • Expertise shared across the World Bank Group providing technical advice to governments in Armenia, Morocco, Romania, Russia, Tunisia, and Turkey through projects led by the World Bank and IFC regional departments. Competition Policy assessments triggered the inclusion of competition interventions in World Bank projects. • Collaboration with other FIAS teams key to progressively integrate competition principles in investment climate project design and implementation. Inputs provided to teams working in Industry, Trade and Investment, Indicator-Based Reform Advisory, and Health. • Monitoring and evaluation indicators designed and started to track the effect of reforms on market competition. • Engagement of external good practice institutions like the OECD in order to exploit synergies in the generation of knowledge and provision of advisory services to client countries. Future activities • Proof of concept of Competition Policy interventions in different country contexts. • Further integrate competition principles in FIAS operations and within the World Bank Group. • Develop and disseminate tools and instruments to design and implement projects to encourage market competition.

  31. Cross-Cutting Theme: ICT • Almost one third of IC projects now have ICT components. CIC is assuming a more proactive role in: • Managing the portfolio of ICT project activities in the IC business line (BL), • Applying strategic thinking to both ongoing activities and the piloting of new initiatives, • Working with the regions to develop their delivery capabilities, and • Developing more robust risk management approaches , procurement guidelines, KM, and monitoring tools/frameworks. • Priorities in the current fiscal year include: • Identifying and testing innovative mobile and web applications to improve economic governance and extend the reach and quality of G2B services. • Immediate focus is on facilitating immediate private sector feedback on service delivery (e.g., after a business inspection) and public comment on proposed business-related laws and regulations. • Developing WBG capabilities to assist clients in integrating multiple government services and databases to improve regulatory oversight and service delivery. • Examples include integrating online business entry processes (e.g., company registry, tax, social security) and implementing shared inspection management systems to facilitate coordination of business inspections across government, reducing regulatory burden.

  32. OHADA Business Law Reform Program: Building Capacity to Improve the Quality of the Legislation • Partnership between the OHADA, the World Bank, France and ICF to help modernize common legal framework and legislation to improve the region’s business climate • Outputs: 6 of the 8 Laws have been thoroughly diagnosed and recommendations prepared. The Company and Collateral Registry has also been diagnosed, paving the way for its modernization. • Major outcome: In December 2010, based on the diagnostic, drafting and consensus-building process, the OHADA Council of Ministers unanimously adopted two reformed Laws: the General Commercial Law and the Secured Transactions Law: • New forms of collateral and an out-of court enforcement mechanism were introduced • Small, informal entrepreneurs are offered a new form of organization(“Entreprenant”) offering legal status with very simple formalities. • The improvements to the two Laws were praised by the Business &Legal community. IFC Corporate Award recognizes the achievement of working with a regional body and 16 different countries in partnership with donors and private sector.

  33. OHADA: Building Capacity to Improve the Quality of the Legislation (continued) • Ongoing and Future Developments: • Reform process continues, with new Company Act to be adopted in December 2012 and new Insolvency Act in July 2013. Two tough policy issues remaining related to the proposed revision to the Company Act: minimum capital requirement and role of notary. • A new CIC project (Concept Note stage) will support member countries in implementing revised laws at national level, to maximize impact of reforms, while continue to support some regional level activities. French Government has committed additional 2 million Euro to support the new project. • To build and expand on IFC’s work, the World Bank (AFR) has developed, in collaboration with CIC, a regional program to support and build the capacity of OHADA institutions. The WB project, with an expected budget of over US$ 10 million, has been approved and will be launched next month. 33

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