IFC ALLAYS FEARS IN PNG SEZ, But record in other countries worries local people
Dionisia Tabureguci Despite negative criticisms in Papua New Guinea over the government’s proposed Special Economic Zone (SEZ) concept, the International Finance Corporation (IFC) believes it will boost PNG’s attractiveness as an investment destination. IFC—the investment arm of the World Bank–is helping the PNG government develop the legislative framework to allow the establishment of SEZs there. “SEZ is one way countries can use to attract investment,” the IFC said in a statement regarding its involvement in the PNG SEZ. “To be successful however, they need to be supported by the appropriate legislative and regulatory frameworks that protect local interests while ensuring development and investors meet international best practice. “Best practice dictates that governments assign additional administrative resources to ensure efficiencies and to make certain that companies comply with the necessary regulations,” the IFC said. PNG’s proposed SEZ concept and the involvement of