The World Bank has placed Kenya third among top 10 economies with the most notable improvement in doing business globally.
The World Bank’s Doing Business Report, 2016 ranked Kenya 108th among 189 countries, 28 places from position 136 attained last year.
In the report released at a Nairobi hotel on Tuesday, at a function President DP William Ruto presided over, Costa Rica came first and Uganda second.
Cyprus, Mauritania, Uzbekistan, Kazakhstan, Jamaica, Senegal and Benin followed Kenya in the respective order.
The World Bank attributed Kenya’s improvements to four reforms in starting a business, registering property and getting electricity and credit.
The report stated that Kenya, Uganda, Mauritania, Benin and Senegal stood out in implementing reforms under the Getting Credit indicator.
“Of the 32 reforms made globally, 14 were carried out in sub Saharan Africa, with Kenya and Uganda making significant progress,” read the report.
Oumar Seydi, World Bank Group Regional Director for East and Southern Africa, lauded Kenya on steps taken saying this will attract investments.
He said the World Bank will continue working closely with Kenya in accelerating the development process with the aim of improving the people’s lives.
The report said the 10 countries implemented 39 regulatory reforms making business easier in the region and noted that at least three reforms ranked better on the global scale.
“The reforms implemented in sub Saharan Africa accounted for about 30 per cent of the 231 reforms implemented worldwide during the past year,” the World Bank said.
Sub Saharan Africa alone accounted for about 30 per cent of the regulatory reforms, followed closely by Europe and Central Asia.
But manager Rita Ramalho said governments in the region need to continue closing gaps for more efficient business.
She noted that the region ranked lowest globally in access to reliable electricity and providing effective commercial dispute resolution
The report ranked Mauritius as the best in sub Saharan Africa, placing it 32nd globally, with notable performance in paying taxes and enforcing contracts.
“In Mauritius, it takes only 152 hours for entrepreneurs to pay taxes, compared to 261 hours globally,” read the report.
Rwanda followed with a global ranking of 62, with the highest number of reforms in the region, six of which were implemented in 2014.
“The country ranks second in the world on the Getting Credit indicator and 12th in the world on the Registering Property indicator,” the report said.
Globally, Botswana took position 72, South Africa 73, and Seychelles 95.