Egypt is now working on its own bankruptcy law which is meant to expand small- and medium-sized enterprises in the country.
Mounir Fakhry Abdel-Nour, the Trade and Industry Minister, said Tuesday that activating this law would encourage owners of SMEs to return to business in case they went bankrupt.
It was 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.
The government is acting to fix its legislative infrastructure and ease license-obtaining measures in a bid to support projects, Abdel-Latif said.
She pointed to an SMEs strategy outlined in cooperation with the Social Fund for Development to reach a unified definition for what a project is. Currently, there are 18 different definitions, she noted.
She said the Trade and Industry Ministry, under Abdel-Nour, is working to secure all technical and financial needs for SMEs to thrive in Egypt.