According to bank's website, the approved project aims to improve the enabling business environment and deepen access to finance for private sector-led growth. The operation supports reforms that reduce compliance costs and increase regulatory predictability through a unified, risk-based sectoral licensing program and strengthened competition enforcement; open the energy market to more competition by enabling privately owned independent transmission, renewable generation for self-consumption, and storage; and modernize the legal basis for digital commerce by expanding the scope of electronic transactions, recognizing cross-border digital certificates, and enabling electronic and remote notarization. It advances inclusion, jobs, and formalization by lowering fees and extending duration for highly skilled work permits and, critically, by establishing proportional social insurance coverage for flexible work arrangements through the Social Security Corporation. It deepens access to finance by mandating end-to-end digital government payment workflows and rolling out simplified Light Business Accounts to bring micro, small and medium enterprises and self-employed individuals into the formal financial system; modernizes capital markets via amendments to the Securities Law, tax neutrality for mutual funds, and a framework for debt- and equity-based crowdfunding; and strengthens credit infrastructure for cash-flow-based lending by requiring business transaction data reporting to the licensed credit bureau. The operation also enables green and resilient finance by operationalizing the National Green Taxonomy and introducing climate-related disclosure for financial institutions, and it enhances consumer confidence and market development through a modern Insurance Contract Law. 

Total Project Cost: US$ 0.00 million 

Commitment Amount: US$ 700.00 million 

Task Team Leader: Andrius Skarnulis 

Title: Senior Financial Sector Economist 

Co Task Team Leader: Mohamed Hassan Abdulkader 

Title: Senior Private Sector Specialist 

Co Task Team Leader: Alief Aulia Rezza 

Title: Senior Economist 

ACCESS TO INFORMATION

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ACCOUNTABILITY MECHANISM OF THE WORLD BANK

The World Bank Inspection Panel is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by a World Bank-financed project. If you submit a complaint to the Inspection Panel, they may investigate to assess whether the World Bank is following its own policies and procedures for preventing harm to people or the environment. You can contact the Inspection Panel or submit a complaint by emailing ipanel@worldbank.org. Information on how to file a complaint and a complaint request form are available at: https://www.inspectionpanel.org/how-to-file-complaint