The objective of the Indicator Based Reform Advisory project for Latin America and the Caribbean is to help client governments in the region in the implementation of reforms in areas measured by investment climate indicators. These reforms are expected to improve the regulatory environment for firms to encourage entrepreneurship, investment, and formal job creation. More specifically, the IBRA LAC project aims to provide rapid-response advisory services in Latin America and the Caribbean through a flexible delivery mechanism in areas including procedural improvement and implementation of best practices. The project also aims to build reform momentum and support through regional peer-to-peer learning activities that bring together practitioners and encourage knowledge dissemination. Literature suggests that the type of reforms implemented under this project have a positive impact in terms of economic growth and employment. For example, Ramalho et al. (2006) find that improving from the lowest to the highest quartile in the Doing Business rankings is associated with a 2.3 percentage point increase in annual growth, and with a 10-11 percent increase in the creation of new firms according to Fisman et al (2004). Studies led in Mexico (Bruhn 2008), Colombia (Cárdenas and Rozo 2007) and India (Aghion et al 2008) show that a reduction in the regulatory barriers to entry is associated with a 5 to 6 percent increase in the creation of new firms (Motta et al, An Open Door for Firms, Viewpoint, June 2010). Bruhn (2008) also finds that implementing one-stop shops for business registration was associated with a 2.8 percent increase in employment.

Indicator	Calendar Year 2020 Results	Cumulative Results as of 2020
Number of reports (assessments, surveys, manuals, Phase I/strategic option reports, research, analytical, evaluations, etc.) completed	Not Available	71
Number of workshops, training events, seminars, conferences, etc.	Not Available	21
Number of entities receiving advisory services	Not Available	22
Number of procedures/firm-level policies/practices/standards recommended for improvement or elimination	Not Available	29
Number of new laws/regulations/amendments/codes/government policies drafted, or contributed to the drafting	Not Available	25
Number of participants in workshops, training events, seminars, conferences, etc.	Not Available	395
Number of participants providing feedback on satisfaction	Not Available	28
Number of participants reporting satisfied or very satisfied with workshops, trainings, seminars, conferences, etc.	Not Available	28
Number of entities that implemented recommended changes	Not Available	18
Number of recommended laws/regulations/amendments/codes enacted or government policies adopted	Not Available	20
Number of recommended procedures/firm-level policies/practices/standards that were improved or eliminated	Not Available	13

<table><tr><th>PerformanceStandard</th><th>Description and Potential Impact</th><th>Mitigation</th></tr><tr><td>PS1. Assessment and Management of Environmental and Social Risks and Impacts</td><td>Aspart of its Due Diligence, and as mandated by IFC''s Sustainability Policy,IFC team has screened this project to assess consistency with IFC''s PerformanceStandards. The principles of the relevant Performance Standards have beenapplied to the project

design. Environmental and social risks will continue to be reviewed throughoutthe life-cycle of the project.</td><td>IFC''s advice will beprovided in a manner consistent with the principles of the relevant PerformanceStandards. The IFC team will assist the client, as the final decision maker,in gaining a good understanding of IFC''s Performance Standards and willprovide

recommendations for appropriate mitigation measures whenever warranted.</td></tr></table>