IFC launches Business Start-Up Simplification Project in Alexandria
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Alexandria, October 4 2005—The International Finance Corporation (IFC), the private sector arm of the World Bank Group, signed an agreement on October 3, 2005 at the Bibliotheca Alexandrina, with the Governorate of Alexandria and the General Authority for Investment and Free Zones (GAFI) to simplify new business registration in Alexandria. The project is organized by IFC’s technical assistance facility in the Middle East and North Africa (PEP-MENA).
Private sector development and support of new business development are critical to the economic growth and prosperity of Egypt. Recent studies indicate that Egypt has made significant progress in creating a better environment for private investment and improving the regulatory process. This program is intended to improve the attractiveness of Egypt as a location for private investment, as part of Egypt’s continued economic reform program.
The Government of Egypt is already engaged in several initiatives to foster the growth of the private sector and enhance the environment for business. Current initiatives include GAFI (www.gafinet.org) One Stop Shops for entrepreneurs in both Cairo and Alexandria.
The IFC PEP-MENA Business Start-Up Simplification Program in Alexandria will support the One-Stop-Shop in Alexandria with the aim of reducing the regulatory burden on the private sector through a comprehensive review and restructuring of current procedures. The main objective of the project is the reduction of the cost and time of the registration and licensing process. This will act to encourage both local and foreign investment into the Governorate and improve the regulatory environment for businesses.
The mission of IFC (www.ifc.org) is to promote sustainable private sector investment in developing countries, helping to reduce poverty and improve people’s lives. IFC finances private sector investments in the developing world, mobilizes capital in the international financial markets, helps clients improve social and environmental sustainability, and provides technical assistance and advice to governments and businesses.
PEP-MENA is IFC’s technical assistance facility supporting private sector development in the Middle East and North Africa. It focuses on improving the business-enabling and regulatory environment in the region; strengthening the financial sector; promoting the growth of small and medium enterprises and their support services, such as business organizations and consulting firms; helping restructure and privatize state-owned enterprises; and developing viable private sector and public-private partnership projects, especially in infrastructure.
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| Signing of the agreement |
Mr. Jesper Kjaer,
Governor Abdel Salam El-Mahgoub
and Dr. Ziad Bahaa El-Din |