G8 Sea Island Plan of Support for Reform

Sectors : Investment
Organisation : G8
Date made: 
2004
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Commitments in: Private Sector development and financial services for the poor - Investment

“…we commit to: ...

...1.6 Establish a Broader Middle East and North Africa Private Enterprise Development Facility at the International Finance Corporation (IFC) to assist the region’s efforts to improve the business and investment climate and increase the financing options for the region’s small and medium-sized businesses (SMEs), including by:
• Combining and expanding in terms of funding and geographic reach the IFC’s two regional facilities to create a new USD$100 million facility that will cover the entire region, funded by contributions from G-8 countries, countries within the region, and other donors. Our Finance Ministers will convene a meeting to this end with interested countries;

• Leveraging existing expertise, experience, and financial resources of the IFC;

• Providing technical assistance to interested countries working on improving their business and investment climate;

• Encouraging the IFC to increase the focus of its regional investment portfolio on SMEs;

• Providing an appropriate mix of technical assistance and financial instruments...

...1.8 Establish with partners in the region a Task Force on Investment, comprised of business leaders from the G-8 and the region, including from the Arab Business Council, to assist the region’s efforts to improve the investment climate, including by:
• Identifying impediments to investment;

• Recommending concrete proposals for change, and quantifying where possible likely benefits;

• Working with countries in the region interested in pursuing reforms and supporting their reform efforts;

• Reviewing and reporting on progress of reform in the region.”

Scope: 
Regional Africa