IFC eyes boosting business environment in Egypt

Ahram Online, Saturday 9 Jun 2012

The World Bank group IFC has said that private investors in Egypt will have a golden opportunity if red tape is cut

A World Bank group, International Financial Corporation

The International Financial Corporation (IFC), a member of the World Bank Group, supports the Alexandria Business Association (ABA) study to improve the business environment in Egypt and encourage economic development.

Despite that Egypt has made progress on reducing constraints on the private sector, the country still needs to do more to improve its business environment, experts say. There are frustrations with loan procedures, the lack of skilled labour, and licensing procedures, the ABA reported Saturday.

“The ABA is keen to focus the efforts of the private sector and the government on ways to simplify procedures that get in the way of doing business,” said Mohamed Bahaa El-Din Ghatwary, ABA chairman.

“The Egyptian private sector has tremendous potential, but complex procedures and regulations are holding back many businesses, especially smaller firms," Luke Haggarty, IFC head of advisory services, said.

Haggarty added that it is now more important than ever to remove these hurdles and to allow the private sector to play its rightful role driving recovery and growth in the new Egypt.

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