Int'l partners' funding for Egypt reaches $10.3B over 4 years

CAIRO - 13 February 2024: International partners provided Egypt around $10.3 billion in funding over the past four years from 2020 to 2023, according to the Minister of International Cooperation, Rania Al-Mashat.

 

Al-Mashat noted that this funding includes both developmental aid and investments in the private sector, along with technical support.

 

The minister pointed out on Tuesday that despite this, there are challenges hindering some companies from recognizing the services provided by development partners to the private sector.

 

Al-Mashat delivered the opening speech at the regional workshop on exchanging experiences in promoting entrepreneurship, organized by the African Development Bank (AfDB). This workshop is part of the initiative to enhance entrepreneurship, innovation, and consultations launched by the bank in 2019 through its regional office for North Africa, supporting the sector in Egypt, Tunisia, and Morocco.

 

In her video speech, the Minister of International Cooperation emphasized the importance of the initiative launched by the AfDB to support entrepreneurship and small and medium-sized projects in North Africa. 

 

She highlighted the workshop's significance in enhancing regional partnerships, exchanging best practices, and exploring innovative solutions in the field of entrepreneurship, informal sector inclusion, and boosting impactful investments.

 

The Minister of International Cooperation explained that Egypt continues to strengthen efforts with multilateral and bilateral development partners to support the private sector, as well as small and medium-sized enterprises and entrepreneurs, to provide employment opportunities and increase employment rates, supporting economic growth.

 

She added that, in line with the recommendations of the Egypt Economic Conference 2022, the Ministry of International Cooperation launched the "Hafiz" platform for financial and technical support to the private sector. It is the first integrated platform connecting financial and non-financial services provided by multi-stakeholder development partners to support local and foreign private sectors in Egypt.

 

The platform complements the ongoing government measures to enhance private sector participation in development, considering it a key driver of comprehensive and sustainable growth and the main supporter of the labor market by creating more employment opportunities in various fields. 

 

The minister expressed her ministry’s readiness, through the AfDB initiative, to exchange experiences with countries in Africa regarding the platform's launch mechanism.

 

She mentioned that digitization, innovation, and entrepreneurship are among the top priorities of the Ministry of International Cooperation, with a current portfolio of 36 projects worth about $1 billion contributing to the implementation of 12 Sustainable Development Goals. She highlighted that regional focus on supporting entrepreneurship and startups can enhance South-South cooperation between countries.

 

The AfDB's initiative EInA works on guiding public policies to promote entrepreneurship, supporting small and medium enterprises, improving the design of supportive programs for these companies, and developing innovative solutions to address challenges hindering companies from expanding and achieving sustainability.