PHNOM PENH, Oct. 26 (FN) -- The World Bank said Wednesday that Cambodia has made steady progress to improve its business environment over the past year. Among 190 economies, it is now ranked at 131.

In its Doing Business 2017' report released here, the World Bank found that Cambodia implemented 45 reforms in the past year to make it easier to do business, compared to 28 reforms in the previous year.

More specifically, in Cambodia, the credit bureau started to provide credit scores to banks and financial institutions, improving access to credit information, the lender said in a press release, adding that this makes it more likely for small business in Cambodia with a good financial history to get credit.

"Moving forward, the country needs to make starting a business easier and quicker by reducing the time to register and not requiring evidence of capital deposit after registration," the press release said.

Inguna Dobraja, World Bank Country Manager for Cambodia, said Cambodia has been making progress in promoting a better business environment.

"The reforms that Cambodia has been pursuing are helping to create a vibrant economy, which will boost prospects for many Cambodians and lift them out of poverty," she said.

According to the report, New Zealand is rated number one in the world on the World Bank's Doing Business rankings, followed by Singapore, Denmark, and China's Hong Kong Special Administration Region.