IFC Helps Sarajevo Municipality Attract Investment

IFC, a member of the World Bank Group, signed an agreement with the municipality of Novo Sarajevo in Bosnia and Herzegovina, marking a joint commitment to improve the local business-enabling environment. Novo Sarajevo is the first municipality to be included in the subnational competitiveness project in Bosnia and Herzegovina.

“Our activities with IFC complement our development plan. We hope to reduce the administrative burden for doing business and attract new companies to our municipality,” said Nedžad Koldžo, Head of the municipality of Novo Sarajevo.

Improving the business environment by 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.

“By helping municipalities simplify their procedures, we hope to develop a more favorable business environment and 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 FIAS 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.