CAIRO: The Social Fund for Development (SFD) is coordinating with all parties concerned to issue licenses for micro and small enterprises through one-stop-shops implement the prime, Minister of Industry Mounir Fakhry Abdel Nour said in a Sunday statement.
Prime Minister Ibrahim Mahlab decreed the establishment of one-stop-shops decree tasked with deciding on license requests in seven working days from the day of submitting them.
“Micro, small and medium enterprises make up to 90 percent of the Egyptian economy,” Abdel nour said.
The one-stop-shop system is expected to facilitate and speed up the procedures of obtaining licenses, which previously needed approvals from several government bodies in different locations, SFD head Soha Soliman told Youm7.
The new system was proposed in a new investment law aimed at improving the investment environment and “wiping out bureaucracy.”
Per the new decree, Egypt’s General Authority for Investment and Free Zones (GAFI) is assigned to obtain permits and licenses on behalf of investors from government bodies.
The most populous Arab nation is seeking to attract foreign direct investment to back its declining foreign reserves over four year of political upheaval which hit the economy dramatically following the January Revolution in 2011.