Egypt jumps eight places in WB’s 2019 Doing Business Report
Country implements biggest number of investment reforms over 10 years, says report
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.