World Bank and ICC boost cooperation in private sector development

Paris, 21 June 1999 - The International Chamber of Commerce and the World Bank today agreed to step up cooperation aimed at boosting the private sector, trade and investment in the Bank s member countries.

World Bank President James D. Wolfensohn and ICC President Adnan Kassar signed a Memorandum of Understanding setting out specific areas where the two organizations will work more closely together.

Under the agreement, the two sides will focus on competition policy, electronic commerce, business partnerships for development, intellectual property, trade facilitation and corporate governance, including the fight against corruption.

The World Bank and ICC will also collaborate in strengthening business associations linked to a proposed Partnership for Capacity Building in Africa (PACT), whose tasks will include strengthening the private sector in Africa.

ICC is the world business organization, with members in more than 130 countries. It is the only representative body that speaks on behalf of all business sectors in every part of the world.

Mr Kassar is Chairman and Chief Executive of the Fransabank Group, one of Lebanon s biggest private banks. He has broad experience in international investments, particularly with emerging economies.

Commission on International Trade and Investment Policy