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IFC Supports Study to Improve Egypt’s Business Environment


In Cairo:
Riham Mustafa
Phone: +20 2 2461 4230
E-mail:
RMustafa@ifc.org


Cairo, Egypt, June 11, 2012—IFC, a member of the World Bank Group, has supported an in-depth study from the Alexandria Business Association (ABA) designed to improve the business environment in Egypt and encourage economic development.

The Islah Reform Index, released today, found that while business people believe Egypt has made progress in reducing the constraints on private enterprises, the country still needs to do more to improve its business environment. The study, authored by the ABA with assistance from IFC, found that members of the private sector have noticed improvements in the ease of registering property. But there were frustrations with loan procedures, the lack of skilled labor and licensing procedures.

“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, Chairman of the ABA. “This report will help do that.”

Luke Haggarty, IFC's Head of Advisory Services in the Middle East and North Africa, said, “The Egyptian private sector has tremendous potential, but complex procedures and regulations are holding back many businesses, especially smaller firms.  It is now more important than ever to remove these hurdles and allow the private sector to play its rightful role driving the recovery and growth of the new Egypt.”

This marks the second Islah study. It examined the ease of doing business Cairo and Alexandria, focusing on 10 policy areas, including starting a company, dealing with licenses, registering property, employing workers, and paying taxes. The initiative is part of IFC’s widening efforts to improve Egypt’s business environment by focusing on areas such as logistics, bankruptcy laws and business entry regulations.

This project is supported by the Government of Denmark.

About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit
www.ifc.org.

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