World Bank: Rwanda 29th easiest country to do business in the world
Rwanda is the 29th easiest country to do business in the world, according to the World Bank’s Doing Business Report 2019, released on Wednesday.
The African nation is the only Low-Income Country (LIC) to rank in the top 100 of the report, which assesses domestic small and medium-sized businesses across global economies. Rwanda has moved up 11 places to 29th in the latest Doing Business Report, up from 41st in last year’s release.
Rwanda 29th easiest country to do business
The latest Doing Business Report highlights seven key areas where Rwanda has made it easier for people to start and maintain a business:
- Starting a business: “Rwanda made starting a business less costly by replacing electronic billing machines with free software for value added tax invoices.”
- Getting electricity: “Rwanda improved the monitoring and regulation of power outages by beginning to record data for the annual system average interruption duration index (SAIDI) and system average interruption frequency index (SAIFI). Rwanda also made getting electricity more time and cost efficient by having the utility supply all connection material.”
- Registering property: “Rwanda made registering property easier by improving the land dispute resolution mechanisms of the land administration system.”
- Getting credit: “Rwanda strengthened access to credit by enacting a new insolvency law. An automatic stay is now imposed on secured creditors for a period of six months and the law provides for relief from such stay when the assets are perishable or are not needed for the reorganization of the company.”
- Trading across borders: “Rwanda reduced the time required to export and import by implementing the Single Customs Territory, risk-based inspections and online certificates.”
- Enforcing contracts: “Rwanda made enforcing contracts easier by issuing new rules of civil procedure which limit adjournments to unforeseen and exceptional circumstances.”
- Resolving insolvency: “Rwanda made resolving insolvency easier by making insolvency proceedings more accessible for creditors and granting them greater participation in the proceedings. Rwanda also made resolving insolvency more difficult by hindering the continuation of the debtor’s business during insolvency proceedings.”
Rwanda has become the second easiest country in the world to register property and third int eh world for quality of credit information systems and procedures, the report confirms. The East African nation has made huge progress since 2005 when it took an average of 354 days to register property – it now takes an average of seven days.
Featured image: World Bank