Egypt moved up 9 spots on the World Bank Group’s Doing Business report for 2017 to rank 122 out of 189 countries. In the group’s 2016 report, Egypt ranked 131, reported Daily News Egypt.

The report stated that Egypt’s advancement was due to facilities in starting businesses in Egypt as one-stop shops were introduced as a follow-up unit to liaise with the tax and labour authorities on behalf of the entrepreneur, in addition to enhanced protection for minority investors, informed Al Mal News. It is also noted that here have been changes in the methodology of the Doing Business Indicator, which impacted Egypt’s ranking positively.

Egyptian Minister of Investment, Dalia Khorshid, commented that the new ranking is further proof to Egypt’s enhanced investment climate. Moreover, the International Finance Corporation’s (IFC) Regional Director for the Middle East and North Africa, Mouayed Makhlouf, stated that sustainable and continuous business regulatory reforms stand as a key to restoring investor confidence, allowing private sector potential, as well as developing economy in Egypt.

The Doing Business report provides objective measures of business regulations and their enforcement across 190 economies and selected cities at the subnational and regional level. The report, launched in 2003, looks at domestic small and medium-size companies and measures the regulations applying to them through their life cycle.