16 Mar 11 - Luxembourg contributes €2.6million to UNCTAD’s eRegulations project
Funds will be used for a project aimed at promoting transparency, simplification and publicity of business rules in Africa and Central America.
The Government of Luxembourg has recently approved a contribution of €2.6 million to UNCTAD, to assist 14 African and Central American countries to facilitate business and investment through the installation of the eRegulations system.
The project will promote the transparency, simplification and publicity of business rules. It is expected to result in significant increases in company registration, tax revenue and access to social protection. The project will in particular aim at encouraging the formalization of microenterprises, which employ a majority of the population in developing countries.
The eRegulations system is a turnkey eGovernment system to present rules and procedures online. It is a tool for good governance, including transparency and business facilitation. It has so far been successfully installed in 13 countries, and should be operational in 20 by the end of 2011. Most recently, UNCTAD helped the Government of Viet Nam introduce the platform, using it to make foreign investment procedures transparent and to standardize government procedures throughout the country.
Luxembourg has been a long-standing contributor to UNCTAD, in particular to its microfinance programme. This programme, launched in the late 1990s, paved the way to commercial investment in microfinance - now amounting to more than $3 billion - and notably accelerated the emergence of the microfinance industry worldwide. The cooperation on the eRegulations project is aimed at building on this successful track record of bringing practical benefits to citizens of developing countries.