IFC to Help Serbia’s Vranje Municipality Improve Business Environment and Attract Investment

IFC, a member of the World Bank Group, has signed an agreement with the Serbian municipality of Vranje, marking a joint commitment to improve the local business enabling environment. Vranje is located in the south. With some 90,000 inhabitants, it is one the country’s largest municipalities.

“Economic development is important for Vranje and southern Serbia. Improving the business environment and increasing private investment are some of the conditions for economic growth. IFC’s assistance in this effort to reduce administrative burdens for businesses is critical,” said Miroljub Stojcic, Mayor of Vranje.

Simplifying administrative procedures and providing better services will help reduce the cost and risk of doing business, improving the competitiveness of local municipalities and attracting more foreign direct investment.

“The objective is to help Vranje develop a more favorable business environment. By making administrative procedures simpler for business at the municipal level, we hope to stimulate the development of the country’s private sector,” said Philip Condon, Head of IFC Advisory Services in Southern Europe.

According to Margo Thomas, IFC Business Enabling Environment Manager and Regional Program Coordinator, the subnational competitiveness project is designed to streamline business formalities and inspections procedures. This will help increase the transparency and quality of business regulations and reduce costs—important factors in improving competitiveness.