IFC sets up business mediation centre

LAHORE - The International Finance Corporation, a member of the World Bank Group, has established first of its kind Business Mediation Centre at Lahore Chamber of Commerce and Industry.
On behalf of the Lahore Chamber of Commerce and Industry the LCCI President Irfan Qaiser Sheikh inked the Cooperation Agreement (CA) while the IFC was represented by Manager Investment Magdi Amin. While LCCI Senior Vice President Kashif Younis Meher, Vice President Saeeda Nazar, Project Officer IFC Barrister Isfandyar Ali Khan and Project Analyst IFC Reshma Aftab were also present in the signing ceremony.
Speaking on the occasion, the LCCI President Irfan Qaiser Sheikh said that the Cooperation Agreement between the LCCI and IFC will help improve investment climate in the country by offering alternative avenues for swift dispute resolution through mediation between contracting parties. It will reduce the cost of doing business as contracting parties will be able to avoid expensive and lengthy court procedures to resolve their disputes.
Although Pakistan fares relatively well on many doing business and investment climate indicators when compared with economies regional and globally, the country still has to make substantial progress in ensuring an overall enabling economic environment.