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Egypt moves up six spots in World Bank’s Doing Business Report 2020

Doaa A.Moneim , Thursday 24 Oct 2019
World Bank
File Photo: Egypt will be affected by global market performance: World Bank senior economist says (Photo: AFP)
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Egypt's ranking has climbed up six spots in the latest edition of the World Bank's Doing Business Report 2020.
 
The report stated that the reforms Egypt had adopted improved the investment climate and facilitated procedures in four core areas, including enterprise establishment, as Egypt improved 19 spots globally.
 
Egypt has also improved six spots in acquiring electricity index due to the notable reforms it implemented, including electricity infrastructure improvement and declining electricity delivery for beneficiaries, in addition to transparency regarding the electricity prices.
 
Meanwhile, Egypt has improved 15 spots in small investors' protection thanks to legislation and decrees that protect them.
 
The report said that Egypt has improved three spots, compared to last year, in taxes payment due to the new electronic system Egypt had adopted for applying value-added and income tax acknowledgements, electronic payment of disbursements, and the application of the system inclusively on all enterprises in the country.
 
The new electronic system, according to the report, has eased the way investors deal with the taxation system.
 
The report placed Egypt among the top 25 countries in the world regarding the number of reforms.
 
Egypt’s Minister of Investment and International Cooperation Sahar Nasr said the results of the report reflected the government's sustainable commitment to improving the investment climate, according to a statement released by her ministry on Thursday.
 
She added the report tacked the reform procedures Egypt had implemented until April 2019, stating that more reform procedures were undertaken of late, which meant that several indices would be even more positive in the upcoming edition of the report.
 
 
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