Egypt implemented most business reforms in MENA this year: World Bank
The World Bank headquarters - AP/Lawrence Jackson

CAIRO: The World Bank said in its recent “Doing Business 2015” report that Egypt improved in its “Ease of Doing Business Ranking” for 2015 to take the 112th spot, up from the 128th spot last year out of a list of 189.

The Egyptian government has carried out the biggest number of organization reforms for business in the Middle East and North Africa (MENA) region, registering 24, while the United Arab Emirates implemented 20 reforms and Morocco and Saudi Arabia each applied 19 reforms, according to the report.

“Egypt strengthened minority investor protections by introducing additional requirements for approval of related-party transactions and greater requirements for disclosure of such transactions to the stock exchange,” the World Bank said in the report posted on its website.

Several economic measures were recently adopted by the government, including a reduction in subsidies, namely in energy. The government is also preparing to apply a value added tax instead of a sales tax. The income tax was amended and a 10 percent capital gains tax on stock market profits and dividends was also imposed to generate revenue to bolster the State budget.

At the opening of the Euromoney Egypt Conference held last month, Executive Vice President and chief executive officer at the World Bank’s Multilateral Investment Guarantee Agency (MIGA), Keiko Honda, said that the country’s economic reform measures are promising, but that Egypt still must ensure future legislation to return the confidence of investors

A survey conducted by MIGA revealed that investors interested in Egypt suspended their plans for the country after the January 25 Revolution, and await stability.

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