USD-EGP Exchange Rate and Amendments to Competition Protection Law

USD-EGP Exchange Rate Continues to Rise in the Black Market

In 2022 the Egyptian Pound (EGP) lost more than 50% of its value against the US Dollar, falling to a historic low of EGP 24.6 to the dollar. This came after another devaluation by the Central Bank of Egypt in an attempt to shore up currency reserves and meet the requirements for a new IMF loan package of USD 5 billion. 

Government Approves "State Ownership" Policy

The recently approved “State Ownership Policy” lays out the gradual exit of the state from certain investments and economic sectors. This includes plans to exit completely from investments and ownership shares in 79 activities across various sectors, with an emphasis on construction, farming and aquaculture; and a commitment to sell-off assets worth $10 billion annually for four years.  

Egypt's New Target of $10BN in Annual Foreign Direct Investment

Minister of Finance Mohamed Maait, declared a new target of USD 10bn in annual Foreign Direct Investment (FDI) at the recent Egyptian-Singapore business forum. Arguing for why Egypt should be considered an attractive location for private investment, he pointed to the economy’s proven ability to absorb global shocks and recent economic regulatory developments, such as the State Ownership Policy.

Amendments to Competition Protection Law Approved

Egypt’s Parliament reached an agreement on the government-proposed amendments to Law No. 3 of 2005 on the Protection of Competition and Prevention of Monopolistic Practices. 

Executive Regulations Approved for Water Resources & Irrigation Law

The long-awaited executive regulations for the Water Resources and Irrigation Law No. 147 of 2021 have been approved. The executive regulations aim to improve the management of water resources and equipment; to ensure fair distribution and to facilitate interaction between stakeholders and the Ministry of Water Resources and Irrigation through the provision of guidelines for procedures, licensing, the protection of resources and the management of properties and works, both private and public. 

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"Adasa" is a weekly policy digest by Alternative Policy Solutions. "Adasa" provides an analysis of a select number of policy developments and their effect on inclusive development and socioeconomic change