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Finance provider aims to boost business in north
The International Finance Corporation (IFC), in cooperation with the Lao National Chamber of Commerce and Industry (LNCCI), yesterday held a meeting in Luang Prabang province to promote its financing and advisory solutions to northern businesses.
The IFC, which is a member of the World Bank Group, is working to help entrepreneurs in Laos to find the financing and expertise needed to grow their businesses, create jobs, improve livelihoods and spur economic growth.
More than 40 business representatives from five northern provinces attended the meeting, in addition to senior officials from the LNCCI, and local authorities.
IFC's Resident Representative in Laos, Aimilios Chatzinikolaou, said “As the largest global development institution focused exclusively on private sector development in developing countries, IFC's mission is to help the private sector become a key growth engine for Laos.”
“The objective of this meeting is to promote awareness and understanding of IFC and what support we can provide for business communities in the northern provinces.”
The IFC also reported that similar meetings will be held in the central and southern areas of Laos next year.
LNCCI Vice President Dr Sananh Choulamany said “IFC and the Chamber have a long history of partnership that started with the joint establishment and administration of the Lao Business Forum in 2005.”
“This event is another joint effort to help participants learn more about the IFC as an active international development institution in Laos and how to effectively approach the institution for financing and advisory services.”
The IFC started its operations in Laos in 1998 and the total investment commitments, in both debt and equity, as of the end of November 2011 were nearly US$42 million. IFC aims to promote private sector development that helps bring about sustainable and inclusive economic development in Laos.
vientiane times
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