Egypt Working on Bankruptcy LawSource: www.export-egypt.com 10/15/2014, Location: Africa |
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Egypt is now working on its own bankruptcy law which is meant to expand small- and medium-sized enterprises in the country.
Trade and Industry Minister Mounir Fakhry Abdel-Nour said on 14/10/2014 that activating this law would encourage owners of SMEs to return to business in case they went bankrupt. This came in his speech, delivered by his adviser Dr. Abla Abdel-Latif, during a conference on the social responsibility of companies organized by the Dutch Embassy in cooperation with the UN Development Program and the Ministry of Trade and Industry. Abdel-Latif said that the government is acting to fix its legislative infrastructure and ease license-obtaining measures in a bid to support projects. Abdel-Latif pointed to an SMEs strategy outlined in cooperation with the Social Fund for Development to reach a unified definition for what a project is. She said “currently, there are 18 different definitions". She also said that the ministry, under Abdel-Nour, is working to secure all technical and financial needs for SMEs to thrive in Egypt. |
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