World Bank awards Egypt for fostering economic competition

Ahram Online , Sunday 12 Nov 2023

Egypt was awarded by the World Bank for its outstanding Strategy for Competition Policies and Competitive Neutrality, according to a statement by the Egyptian Competition Authority (ECA) on Sunday.

The award. Cabinet.
The award. Cabinet.

 

The award acknowledges Egypt's diligent efforts to enhance economic competition in 2023 by fostering a climate of free competition, eliminating barriers, expanding into new markets, and ensuring a level playing field for all market players under a unified regulatory framework.

The World Bank, alongside the International Competition Network, praised Egypt's strategy, recognizing it as a cornerstone for promoting equal opportunities in the market, regardless of ownership type – state or private – or origin – local or foreign.

Mahmoud Momtaz, the head of the ECA, emphasized that this award is the culmination of the authority's efforts over the past years to foster a competitive marketplace.

Furthermore, Momtaz expressed his belief that this recognition will bolster investor confidence in the Egyptian economy and showcase the government's commitment to providing a favourable environment to investment.

This accolade marks the third consecutive year that the ECA has received recognition. In 2021, the authority was honoured for its decisive actions in supporting competition policies during the COVID-19 pandemic.

In 2022, it was awarded for its proactive initiatives in combating monopolistic practices during crises.

The Strategy for Competition Policies and Competitive Neutrality has been incorporated into the country’s State Ownership Policy Document.

The State Ownership Policy Document, launched in 2022, aligns with Egypt's overarching goal of empowering the private sector to play a more significant role in the country's economic activities.

By enhancing the investment climate, encouraging free competition, and curbing monopolistic tendencies, the Egyptian government aims to increase the private sector's role in the economy from the current 30 percent to 65 percent in the coming years.

 

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