Egypt gets World Bank recognition for fairer market reforms

The World Bank is applauding Egypt’s efforts to create a more level playing field for businesses.

Speaking at the Egyptian Competition Authority’s (ECA) conference, Stephane Guimbert, World Bank’s Country Director for Egypt, Yemen and Djibouti, Middle East and North Africa, commended on Sunday Egypt’s progress in implementing the principles of competitive neutrality.

A fairer market with less competition distortion benefits everyone. Private companies, which already contribute a hefty 35 per cent to Egypt’s economy, can flourish alongside state-owned businesses, Guimbert added. This collaboration between the World Bank and Egypt aims to create a more competitive environment, which is key to long-term economic growth.

Guimbert also highlighted that individual income growth in Egypt, like many middle-income countries, is lagging behind. This means that even with a fairer market, more needs to be done to ensure everyday Egyptians feel the benefits.