The European Bank for Reconstruction and Development (EBRD) is launching the second phase of its technical support programme to digitalise the Suez Canal Economic Zone (SCZone), according to the company's release.
Aiming to streamline administrative formalities and to fast-track the management of investor services, the SCZone authority has established a one-stop shop for investors, managed by its Investor Services Department.
The Bank is helping the SCZone to develop an efficient, competitive and eco-friendly business environment that is attractive to international investors and that will position the SCZone as a leading space for global trade, industries and services, as well as generate jobs for Egyptians.
The second phase will include the re-engineering of more than 60 services, including land management, project approvals, environmental approvals, company registration and foreign worker permits.
The technical support will also cover the full automation and digitalisation of the one-stop shop by establishing agile software and hardware solutions. This will produce a fully automated and functioning Investor Services Department (ISD) at the SCZone to better serve and support investors. ISD personnel will also receive comprehensive training to boost their technical skills.
The first phase of the project was launched in August 2020 and successfully completed in 2022, having significantly cut red tape for investors. For example, the number of procedures for the priority re-engineered services (construction permits, operating licences, industrial registers, practice permits, inspection and control) were reduced by 35 per cent, the length of service delivery for the re-engineered services was cut by 52 per cent, while fees and service charges increased by 110 per cent.
At the end of 2021 the EBRD adopted its digital approach to advancing transition, which sets out a comprehensive framework for how the Bank will use its three instruments – investment, policy engagement and advisory services – to support digital transition in the economies where it operates.
Egypt is a founding member of the EBRD. Since the start of the Bank’s operations there in 2012 it has invested over €10 billion in 163 projects in the country.