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.

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