Minister of Investment and International Cooperation Sahar Nasr issued resolution No. 94 of 2017 to amend the bylaws of the law concerned with joint stock companies, limited partnerships by share companies, and limited liability companies. The text of the resolution is to replace the text of paragraph 3 of Article 203 of the regulation and reads, “Notification or publication should be done before the scheduled date of the first assembly meeting within 21 days at least, and prior to the date of the second meeting in the absence of a quorum within at least 7 days,” according to a press statement on Wednesday.
Nasr explained that the amendment aims to improve Egypt’s status in relevant international reports, including the Ease of Doing Business report by the World Bank due to its positive effect on promoting and attracting domestic, Arab, and foreign investments.
Egypt ranked 122nd in the World Bank’s 2017 Ease of Doing Business report, rising four places from the 2016 rank. The current rank of Egypt is 12th place in the Middle East and North Africa region.
Moreover, the amendments have implemented the World Bank’s recommendations for the protection of the rights of minority investors. She added that such amendments come in the framework of the efforts to strengthen corporate governance, according to Nasr.
The statement mentioned that the proposal for the bylaw amendments to the current companies law No. 159 of 1981 were sent to the cabinet. According to Nasr, the ministry will spare no effort to develop the infrastructure of the legislative and executive business climate in Egypt.