Globalization: The World Bank Fosters Growth and Job Creation in Mexico

The World Bank Fosters Growth and Job Creation in Mexico: "The World Bank (WB) Board of Executive Directors approved a US$751.9 million loan today to support the implementation of public policies aimed at strengthening Mexico's business climate in order to foster economic growth and job creation.

The World Bank recognizes that strengthening economic growth is essential for the country's development. The loan seeks to support the Government's efforts to implement legal, regulatory and administrative changes in order to improve the performance of input markets and infrastructure services, update the procedures required to open a business, and facilitate access to new markets. These activities will have a positive impact on Mexico's competitiveness.

In order to achieve this, the program proposes four closely-linked pillars:

* Strengthen the competitive environment in critical sectors such as telecommunications and the public acquisitions system.
* Simplify existing regulations in order to reduce business transaction costs, particularly those related to foreign trade and taxes, and facilitate the adoption of new technologies.
* Improve the regulatory framework in order to increase access to basic financial services, and foster financial system stability and transparency.
* Promote public-private partnerships in the field of infrastructure in order to expand the quality and coverage of those infrastructure services deemed essential for the productivity of Mexican companies." Jan. 18, 2011