World Bank Meet on Macro-economics, Trade & Investment Climate lauds Kenya’s business climate reforms
NAIROBI, Kenya Dec 11 – KENYA’s efforts on business climate have been lauded as transformational in the ongoing Macro-economics, Trade and Investment Climate Doing Business technical deep- dive for Africa and Middle East, hosted by the world bank in Dubai.
Kenya was selected as one of the 16 economies participating in this year’s forum given its impressive reform program since 2014.
“Our commitment at the highest level of Government on this program has been a critical enabler to the success witnessed so far. The hard part lies in making the additional necessary reforms that are needed to make it even easier especially for our SME’s to do business”, said CS Adan Mohamed who was the chief guest in this year’s event.
Kenya made 5 reforms in this year’s report that included amongst others the collateral registry that enables the use of movable assets to secure credit that’s has seen Kes.1.4trn worth of assets registered. The meeting is reviewing country specific action plans in registering property, paying taxes, registering a business , resolving insolvency and construction permits.
The lands registry in Nairobi has already been digitized but the process is still facing challenges from practitioners, that has led to the formation of a task-force with the LSK to resolve teething issues. In the recent Africa report on paying taxes, Kenya announced that’s it has already automated filing of NSSF remittances that has reduced the number of steps by 11.