The IFC hosted an event awarding Egypt as one of the world’s top business regulation reformers, as measured by the annual Doing Business report series for the fourth time, reported local newspapers.
Michael Essex, IFC Director for the Middle East and North Africa awarded Mahmoud Mohildein, Minister of Investment for improvements in doing business indicators which include the ease of doing business; starting a business; dealing with permits; employing workers; registering property; getting credit; protecting investors; trading across borders; enforcing contracts, and closing a business. Egypt improved 10 ranks in 2010 compared to Turkey in 2009. The minister noted that the report does not portray the full business climate in Egypt, however, it touches upon the legal constraints that face doing business. He added that further there have been developments in creating a one-stop shop for doing business, automation of tax collection and the removal of minimum capital restrictions, the issuance of a new construction law which simplifies the procedure of issuing permits, capping the fees of registering business to EGP 200, reducing tariffs to reach an average of 9.6% and corporate income tax to 20%. Egypt is one of two countries that have managed to maintain their position over 5 years as one of the world’s top business regulation reformers. Egypt ranked 106 in 2010 compared to 165 in 2007. Egypt ranked 241 for the starting business indicator, rank 71 in getting credit, rank 29 in trading across borders, 87 in registering property and rank 156 in dealing with construction permits.