Trade and Industry Minister Mounir Fakhry Abdel Nour said the World Bank has agreed to a grant of $5 million to provide technical support for the Industrial Development Authority, the Investment Authority and the Egyptian Initiative to Reform the Business Climate (IRADA) so as to eliminate the bureaucracy in licensing, land allocation and the laws governing these services, which most investors complain about.
Many economists have complained about the red tape and bureaucratic hurdles many investors and entrepreneurs in Egypt must overcome.
