CAIRO – The Central Bank of Egypt (CBE) has signed a co-operation protocol with the General Authority for Investment and Free Zones (GAFI) and the Egyptian Credit Bureau “I-Score” meant to ease business procedures for investors.
This comes as part of state efforts to upgrade services offered to citizens, and to promote electronic systems as a means to support the national economy and stimulate investment.
A CBE statement said Tuesday the protocol aims to automate the issuance of certificates of incorporation through an advanced electronic inquiry system connected with GAFI and I-Score.
This should save time and effort and is hoped to lure more businesses to the Egyptian market, the CBE statement noted.
Investors would find it much easier to issue certificates of incorporation from their place at GAFI through an electronic system that is directly connected to banks, the statement further said.
The protocol also allows banks that issue those certificates to enter full data and send it to GAFI in real time through the same electronic system for the incorporation process to start directly.
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