Egypt's legal framework for public procurement has been internationally recognised by the New Development Bank (NDB) of the BRICS group for aligning with global best practices, as reported by Finance Minister Ahmed Kouchouk on Monday. The NDB report noted that the provisions, regulations, and procedures under Egypt's law could be applied to development projects funded by the bank, according to the Ministry of Finance's statement. Kouchouk stressed the importance of reviewing the report's recommendations during a two-day workshop taking place in Cairo in coordination with the NDB and the General Authority for Governmental Services (GAGS), with participation from the business community and concerned government stakeholders. He stressed Egypt's keenness to deepen institutional cooperation with international partners to enhance the investment climate. He highlighted Egypt's public procurement system as crucial for enhancing public-private partnerships. Kouchouk further noted that the electronic public contracting system is half way through with the aim of streamlining procedures and facilitating investor access. This digital shift is part of broader efforts to foster a business-friendly environment and encourage private investment flows. Attribution: Amwal Al Ghad English Subediting: M.S.Salama
