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WB improve the business environment in Egypt

The Minister of Investment and International Cooperation Dr. Sahar Nasr received a mission from the World Bank (WB) to identify the procedures of improving the business environment in Egypt.

At the beginning of the meeting, the Minister welcomed the mission at the conclusion of its visit to Egypt, while noting that the government worked on implementing an ambitious economic and social program to fulfill citizens’ needs and improve standards of living and also took a number of economic actions to achieve economic growth and improve Egypt’s ranking in the Doing Business Report. She also commended the WB’s efforts in supporting Egypt’s development projects.

The mission briefed the Minister on the outcomes of its visit and meetings with a number of ministries to follow up on the procedures taken by the government to improve Egypt’s ranking in the said report. The mission further commended the procedures taken to this end, while stating that its role was to provide the best international business practices and that the Egyptian government had to select what suits its program. The mission also reiterated its confidence in the Egyptian economy and the steps taken to improve Egypt’s ranking the WB’s Report.

The meeting discussed the steps to be taken by all ministries until the end of May 2017 in the fields based on which Egypt will be assessed in the report, given that such steps would include the commencement of business activities, obtaining construction permits, getting access to electricity, property registration, obtaining access to credits, protection of investors, tax payment, cross-border trade, enforcement of contracts and regulation of the labor market.

The Minister mentioned that MIIC worked in coordination with all ministries to develop an investment map, including various investment opportunities for Egyptian, Arab and foreign investors, in line with Egypt’s vision to achieve the SDGs.

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