Egypt strives to keep pace with international business reforms

Egypt has carried out 29 reforms over the last 15 years, in comparison to Jordan (with 19 reforms), Tunisia (19) and Algeria (16), the World Bank Group’s statement said on Tuesday.

Marking its 15th anniversary, the World Bank Group issued a report titled “Doing Business 2018: Reforming to Create Jobs;” in which the bank indicates that Egypt has made some improvements to keep with the international business reform.

The report noted that Egypt has adopted a number of key business reforms over the past year, including one to improve the business climate for domestic small and medium enterprises, which was recognized in the report.

Protecting Minority Investors
According to the report, Egypt played a role in Protecting Minority Investors, as it has strengthened minority shareholder rights and their role in major corporate decisions, a continuation of efforts over the past four years. The country now ranks the 81st globally in this area.

“Egypt has made ambitious economic reforms over the past few years, which have helped boost investor confidence and attract foreign capital. This year, the IFC has tripled its investments in the country,” said Walid Labadi, the IFC Country Manager for Egypt, Libya and Yemen.

“There are signs that Egypt's economic reforms are starting to bear fruit. For example, we are seeing an increase in capital flow into Egypt, especially in the energy and manufacturing sectors,” said Merza Hassan, dean of Executive Board and the executive director of the World Bank Group.