Khaled Hamza, the Country Director of the European Bank for Reconstruction and Development (EBRD) in Egypt, disclosed that since 2012, the bank has injected between €1.1bn and €1.2bn annually into the Egyptian economy. The funds have been distributed through loans and direct investments, benefiting a wide range of sectors and businesses of various sizes, facilitated by financial lines extended to local banks.
Hamza’s announcement came during the “The Positive Impact of Effective Enforcement of Competition Law on Markets and National Economies” session at the inaugural conference of the Egyptian Competition Authority.
He highlighted Egypt’s status as a key operational market for the EBRD, consistently ranking within the top four in terms of business volume, which mirrors the bank’s positive evaluation of Egypt’s investment environment.
In comparison, Turkey leads with an annual business volume ranging from €2.5bn to €3bn, a testament to its attractive investment conditions, where competitive neutrality is a major influencing factor.
Hamza emphasized the recent strides made by Egypt, particularly through the Egyptian Competition Authority’s initiatives, such as the endorsement of the competitive neutrality strategy and the new authority granted to review mergers and acquisitions preemptively.
The EBRD has been contributing technical support to the Authority for over two years, focusing on enforcing competitive neutrality, enhancing capabilities, and market surveillance.
Hamza concluded by stressing the importance of robust competition policies in luring foreign direct investment. Addressing obstacles to competitive freedom, including tax exemptions and financing access, is essential. Such measures will invigorate both local and international private sectors, fostering expansion and attracting further investment.
