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IFC Calls for Sustainable Economic Growth and Protection of Natural Resources in Laos
Source: kplnet.net
Source Date: Tuesday, November 02, 2010
Focus: Citizen Engagement, Internet Governance
Country: Lao People's Democratic Republic
Created: Nov 08, 2010

While the government of the Lao PDR had been making good progress in implementing economic and business reforms, however, it needed to ensure that growth was sustainable and at the same time improve the lives of broad segments of the society.

The statement was made by the Vice President for Business Advisory Services of International Finance Cooperation (IFC), Rechel Kyte.

During her visit to Laos on November 2, Kyte met top government officials and private sector representatives to discuss funding by the IFC to this country to bring about economic growth and sustainable development of its natural resources, while maintaining the rich biodiversity of this country.

During this top IFC honcho’s stay in Laos, she met the Standing Deputy Prime Minister, Somsavat Lengsavad, Minister of Finance, Somdy Douangdy, and Minister of Energy and Mining, Soulivong Daravong.

IFC’s strategy in Laos, said this honcho, focussed on improving the investment climate, strengthening the private sector’s role in the economy, giving support to the country’s financial infrastructure and ensuring environmental and social sustainability in a situation where there were a slew of hydropower project proposals.

As the Lao government had taken important steps to improve the business environment and to encourage the private sector to develop the country, the challenge now would be to build on that success and so to result in a more broad-based growth, added Kyte.

According to a press release, the IFC supported responsible use of hydropower development, in so far as they were carried out in a sustainable manner.

During her visit, the IFC and the Bank of the Lao PDR signed a memorandum of understanding to bolster support for the operation of an on-line Credit Information Bureau, the first in Laos, specially meant to improve access to finance for small borrowers.
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