25 November 2012

Egypt: Two Agreements Signed With IFC

The events of the first regional conference to develop the bankruptcy system in the Middle East and North Africa kicked off on Saturday 24/11/2012 by signing two cooperation agreements between Egypt's ministry of justice and the International Finance Corporation (IFC).

The agreements tackle amending the legal system of bankruptcy in Egypt in a way that allows restructure of defaulting companies to restore their commercial activity or dissolving them more quickly.

The first agreement is related to cooperation in the field of mediation and activating it as a trade and economic dispute-settlement tool through eased procedures. This could help lure investors and achieve economic development.

The second agreement tackled cooperation in the field of developing bankruptcy systems. It aims at training Egyptian judges in how to deal with restructure of defaulting companies and how to use friendly means in dispute-settlement.

Minister of Justice Ahmed Mekki confirmed in a statement his ministry's keenness to cooperation with international organizations in the field of economic legislations.

Copyright © 2012 Egypt State Information Service. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.