(DNE Photo)
The Egyptian Regulatory Reform and Development Authority’s (ERRADA) Board of Trustees has listed pressing legislations that require changes, said Minister of Industry and Foreign Trade Mounir Fakhry Abdel Nour.
The changes will be made to improve the Egyptian business environment, Abdel Nour said on Monday.
Abdel Nour added that the board will study those changes within a three month period, and will include shortening the time required to increase a company’s capital. The changes will also include a new draft law to facilitate the access of companies to finance.
Abdel Nour said the medium-term goal for ERRADA’s board will be to amend the trade law, with the long term goal to simplify procedures for real estate registration and companies’ market exits.
In an official report, the Egyptian Federation for Investors Associations (EFIA) said that approximately 11 amendments are necessary to attract investors. Director of the association Mohamed Farid Khames said: “The fluctuations of legislations present a problem to investors.”
“Laws should be placed and implemented for five years,” he added.
The ERRADA initiative was established in 2008 to support the government’s effort in managing the business environment’s regulatory system in Egypt. It was deactivated in 2011. In May, Minister of Planning Ashraf El-Araby announced that it would be reactivated in July.
