The International Finance Corporation (IFC) has started pushing the government to incorporate reform programmes in coordination with the private sector.
"Nepal Business Forum has played a pivotal role in bringing the government and the private sector on a common platform to analyse and identify areas of reforms that will lead to excellent policy coordination and facilitation," said trade secretary Krishna Gyawali, during a cooperation agreement signing ceremony — between Ministry of Industry, the government and IFC today — to operate the secretariat of Nepal Business Forum (NBF) from an independent location.
IFC — a member of the World Bank Group — is working with the government and private sector to allocate $1 million to promote public private dialogue to spur business growth and create employment through regulatory reforms in the country.
With the fund, the secretariat of the Nepal Business Forum (NBF), the first ever forum for public private dialogue in the country will be strengthened to coordinate with the government and private sector more independently and effectively for expediting reforms.
The secretariat, which is currently located at the IFC office, will now have an independent office provided by the government for better coordination with relevant stakeholders.
"Continued financial and technical support from IFC and the private sector will allow the forum to contribute more effectively to the government’s reform agenda," said Gyawali, adding that IFC will contribute 47 per cent of the amount, while 38 per cent will come from the private sector and 15 per cent from the government.
IFC and Ministry of Industry have signed an agreement to take the agenda forward in the presence of Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Confederation of Nepalese Industries (CNI) that are the convenors of the private sector coordination unit.
"IFC’s rich global experience in facilitating public private dialogues has helped us support NBF in accelerating and facilitating reforms, and in bringing together the government and private sector effectively," said IFC resident representative in Nepal Valentino S Bagatsing.
IFC in Nepal is committed to strengthening the private sector that will be able to operate in a supportive regulatory framework, boosting investment and creating more jobs in the country.
Since its inception in 2010, Nepal Business Forum has already facilitated a number of reforms which have had significant impacts including reducing the private sector cost of complying with regulation by $5.67 million a year and supporting a boost in pashmina exports through the registration of the Nepali pashmina trademark in 41 countries.
NBF is supported by the SouthAsia Enterprise Development Facility, managed by IFC in partnership with the UK government and the Norwegian Agency for Development Cooperation.