SUDAN Encouragement Law of 2013. The Law provides for a pre-screening of all investment projects by the National Investment Authority. The Authority’s regulatory role includes a licensing function, which gives the Authority the possibility to effectively screen, as well as terminate any investment project. 53. There is no doubt that the Government has made palpable efforts in the past five years to address major economic shocks, thereby stabilizing the economy. Some challenges, however, remain. The Government should intensify its efforts at diversifying the economic base, exports market and domestic resource mobilization, while reducing fiscal deficits and establishing a debt policy for the country. It should also improve infrastructure to increase cross-border trade with neighbouring countries. Corporate Governance 54. Sudan has signed and ratified many fundamental international, regional and bilateral conventions, although it is yet to sign technical conventions. Effective application and enforcement of all the ratified international conventions are to an extent constrained by decentralization, which makes coordination and application of the international conventions difficult, weaknesses of some institutions in terms of monitoring capacities and the size of the informal sector. 55. Despite the weak regulatory framework for economic activities, the Central Bank of Sudan plays an essential role in promoting Corporate Governance principles. 56. Sudan has undertaken a number of reforms in order to improve the business ecosystem and promote entrepreneurship (one-stop shop, National Investment Encouragement Act 2013, etc.), but its overall performance in “Doing Business” has declined. This is particularly noted for some dimensions: getting credit, trading across borders, protecting minority investors and resolving insolvency. Two other factors have a negative impact on investment opportunities: land ownership and land conflicts on the one hand, and corruption, often linked to middlemen or brokers that intervene in investment projects, on the other hand. 57. While “strategic projects” receive much institutional attention, SMEs need more help, monitoring and supervision. This is particularly the case for companies run by women. In fact, even if Sudanese women are increasingly making their presence felt at all levels of governance in the country, it seems that apart from the informal sector, they have to strive to win their place in the business world. 58. Statistics on financial inclusion show that financial institutions are particularly weak in covering Sudanese citizens and enterprises. On the other hand, Sudanese can count on the exceptional support of their relatives and on their social capital to solve their financial problems. 59. Beyond these formal and institutional constraints on investment, the CRM found that some socio-cultural attitudes towards entrepreneurship might trigger mimicry and hinder innovation. 60. Sudan has chosen agriculture and agribusiness as its main developmental sectors. But these sectors face challenges and need restructuring. The focus of the participants of the National Dialogue on the importance of these sectors is a real opportunity and should lead to new strategies. 61. The El Gezira Scheme could once again be the engine of growth of the economy, thanks to industrial clusters and accompanying services that would promote and facilitate an agricultural revolution. This needs a better land allocation and management system, higher financial inclusion, better public policy coordination and, above all, a new generation of farmers and investors. 62. The family nature of the majority of companies and their paternalistic and closed management largely explain the opacity that surrounds the business world. The disclosure of information even for large companies remains linked to legal and compliance considerations, rather than for strategic purposes and building trust with all stakeholders. 63. Although Sudan has signed and ratified the “United Nations Convention against Corruption”, more still 10