Egypt has risen to 94th place out of 183 countries in the 2011 "Doing Business" report, issued jointly by the World Bank (WB) and International Monetary Fund (IMF), after coming in 99th in last year’s report.
Saudi Arabia came in at 11th place as the best Arab country in terms of services provided by the government to facilitate business.
At an IMF press conference via satellite on Tuesday, IMF strategist Dalia Khalifa said Egypt had "advanced considerably" since its introduction of an electronic system by which exporters and importers can submit documents to customs authorities and its reduction of the fees levied for establishing companies–both of which, she said, had served to facilitate trade.
IMF analyst Juana Nasr, for her part, said that 11 Arab countries out of 18 countries in the Middle East and North Africa had applied 22 different reform methods aimed at streamlining government procedures for doing business. She also said that five countries of the region had improved the credit facilities granted to investors.
“The report encourages investors, but doesn't necessarily reflect economic growth,” said Egyptian Financial Supervisory Authority President Ziad Bahaa Eddin, who participated in the press conference.
“Egypt came in at 165th place out of 175 countries in 2007,” noted Bahaa Eddin, who praised the government for the "positive steps" it had taken in this regard.
Egyptian Trade and Industry Minister Rachid Mohamed Rachid, for his part, stressed that the government would continue to develop its business services with the aim of reducing both red tape and fees.
Translated from the Arabic Edition.