Egypt’s legal framework for public procurement has recently garnered international recognition, underscoring the country’s strides towards modernising its economic infrastructure and enhancing global partnerships. Ahmed Kouchouk, Egypt’s Minister of Finance, revealed that the New Development Bank (NDB) of the BRICS nations lauded Egypt’s Public Procurement Law for aligning closely with the bank’s policies and international best practices. According to the NDB report, Egypt’s procurement regulations, provisions, and procedures are suitable for projects financed by the bank, affirming the country’s readiness to engage in development initiatives backed by international development finance.
Kouchouk emphasised the significance of this endorsement during a two-day workshop in Cairo, which convened government officials, business leaders, NDB representatives, and the General Authority for Government Services. The workshop served as a platform to discuss the NDB’s recommendations for reforms in Egypt’s public procurement system and further cement institutional collaboration. The Finance Minister underlined the government’s dedication to sustaining structural reforms that enhance the investment environment and foster stronger partnerships between the public and private sectors.
A pivotal element in these reforms is the near completion of Egypt’s national electronic public procurement platform. The platform is expected to streamline procurement procedures, enhance transparency, and improve accessibility for investors. Such digital advancement is projected to invigorate a more competitive and attractive business environment, aligning with global standards and serving as a potential model for other countries. This initiative marks a significant transition within Egypt’s local economy and highlights its commitment to digital transformation.
Mohamed Adel, head of the General Authority for Government Services, reinforced the government’s focus on improving procurement efficiency. He explained that the Authority is actively reviewing the NDB’s recommendations as part of a broader development plan aimed at legislative, procedural, and technical enhancements. Central to this effort is investing in human capacity-building, which Adel identified as indispensable for ensuring lasting institutional reform.
Egypt’s integration into the NDB framework carries broader strategic importance. The country officially joined the bank following parliamentary approval, a development hailed for its potential to access crucial financial and technical support across sectors such as infrastructure, health, transport, and digitisation. Notably, this membership may alleviate fiscal pressures by facilitating trade in national currencies among BRICS members, reducing dependency on the US dollar.
Dilma Rousseff, President of the NDB, highlighted Egypt’s strategic role in the global economy during the bank’s first international seminar hosted in Egypt’s New Administrative Capital. She commended the country’s sizeable population, industrial advancement, and ambitious national projects—including the New Administrative Capital and the Suez Canal Economic Zone—as foundational pillars enabling robust economic growth. Rousseff also affirmed the NDB’s commitment to supporting Egypt through financing and technical assistance, noting the country’s integral position in the bank’s vision for cooperation among developing nations.
The seminar itself, attended by high-level officials from Egypt and the NDB, underscored Egypt’s rising prominence as a nexus connecting continents and enhancing global trade dynamics. The event further emphasized the bank’s goal of deepening cooperation with both government entities and the private sector in Egypt, reflecting a broader push to integrate Egyptian economic development within a global context.
Collectively, these developments showcase Egypt’s proactive approach towards modernising public procurement as a cornerstone of its economic strategy. By aligning domestic legislation with global standards and leveraging international partnerships, Egypt is positioning itself as a competitive, transparent, and efficient market conducive to sustainable development. The forthcoming operationalisation of the electronic procurement platform and the ongoing institutional reforms promise to enhance governance, promote competitive neutrality, and reinforce Egypt’s growing role in the international economic system.
Source: Noah Wire Services
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