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Arab Finance: The Central Bank of Egypt (CBE) signed a memorandum of understanding (MoU) with the COMESA Competition and Consumer Commission (CCCC) to enhance cooperation in competition protection at the regional level, as per a statement.
Hassan Abdalla, Governor of the CBE, highlighted that this MoU is a strategic step towards strengthening economic integration and supporting a fair, competitive environment within COMESA markets, particularly in the banking sector.
This partnership will also support the exchange of expertise and capacity building in areas such as examining monopolistic practices and evaluating mergers and acquisitions (M&A). This promotes the efficiency of financial and banking markets, fostering their ability to attract investments and stimulate financial innovation.
Willard Mwemba, CEO of the CCCC, expressed his gratitude to the CBE’s governor for his support in strengthening joint cooperation and signing this important protocol.
Mwemba added that this cooperation represents a valuable opportunity for both institutions to exchange expertise and best practices, ultimately benefiting Egypt and the COMESA member states more broadly.
The MoU comes as part of the CBE’s broader efforts to expand cooperation with international counterparts. It will also support the review of M&A activity across key sectors within the COMESA market, including banking, exchange services, money transfers, credit information and ratings, credit guarantees, payment system operators, and financial technology (fintech).
The agreement is expected to help curb anti-competitive practices, improve market efficiency, and strengthen the exchange of global best practices in competition protection.
