Egypt jumps eight places in WB’s 2019 Do­ing Busi­ness Re­port

Coun­try im­ple­ments big­gest num­ber of in­vest­ment re­forms over 10 years, says re­port

The Daily News Egypt - - Front Page -

Egypt jumped eight places in the World Bank’s (WB) 2019 Do­ing Busi­ness Re­port, ac­cord­ing to Wed­nes­day’s state­ment by the Min­istry of the In­vest­ment and In­ter­na­tional Co­op­er­a­tion (MIIC). The state­ment high­lighted the re­port’s praise of Egypt’s im­prove­ments in the in­vest­ment cli­mate, in­clud­ing sim­pli­fy­ing in­vest­ment pro­ce­dures in five main ar­eas. These are: the firms’ found­ing, ac­cess to fi­nance, small in­vestors’ pro­tec­tion, pay­ing taxes and bank­ruptcy’ set­tle­ments, adding that the in­vest­ment re­forms aim to of­fer new jobs, at­tract more in­vest­ment flows and boost Egypt’s eco­nomic com­pet­i­tive­ness.

The re­port noted that, last year, the num­ber Egypt’s im­ple­mented re­forms were the high­est over the past 10 years, adding that Egypt im­ple­mented the largest num­bers of eco­nomic re­forms in the Arab re­gion over the last year.

Fur­ther­more, the re­port stated that Egypt boosted its projects ac­cess to fi­nance through the is­suance of the Mov­able Guar­an­tees Law, which for the first time al­lowed com­pa­nies to re­ceive fi­nance with a mov­able prop­erty guar­an­tee, not­ing that Egypt suc­ceeded in in­creas­ing small in­vestors’ pro­tec­tion over the cor­po­rate law’s re­forms and its im­ple­men­ta­tion reg­u­la­tion.

More­over, the re­port ex­plained that the au­thor­i­ties eased ini­ti­at­ing trad­ing ac­tiv­ity through the abol­ish­ing bank­ing cer­ti­fi­ca­tion con­di­tions, one shop win­dow ac­ti­va­tion, sum­maris­ing start­ing trad­ing ac­tiv­ity tim­ing from 16 days to 11 days only, adding that Egypt recorded good per­for­mance in is­su­ing build­ing li­censes.

Sa­har Nasr, min­is­ter of the MIIC, said that Egypt achieved the great­est rank­ing up­grade in its ac­cess to the fi­nance in­dex, reach­ing the 60th po­si­tion, from the 90th po­si­tion, in last year’s re­port.

Nasr men­tioned that Egypt’s rank­ing in the bank­ruptcy in­dex jumped to the 101st po­si­tion, from 115th po­si­tion in last year’s re­port, adding that Egypt’s rank­ing in pro­tect­ing small in­vestors’ in­dex in­creased, reach­ing the 72nd po­si­tion, from the 81st po­si­tion last year, while Egypt’s po­si­tion in trade across the borders in­dex rose to the 170th po­si­tion, from the 171st po­si­tion last year.

The min­is­ter noted that the re­port fo­cused on the re­forms which were im­ple­mented up to April 2018, adding that the other re­forms which were im­ple­mented af­ter April will pos­i­tively be re­flected in next year’s re­port.

Min­is­ter of In­vest­ment and In­ter­na­tional Co­op­er­a­tion, Sa­har Nasr

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