Over the past four years, from 2020 to 2023, Egypt has received approximately $10.3 billion in funding from international partners, as disclosed by the Minister of International Cooperation, Rania Al-Mashat.
Al-Mashat clarified that this funding encompasses both developmental aid and investments in the private sector, coupled with technical assistance.
Despite these contributions, the minister acknowledged on Tuesday that certain obstacles impede some companies from fully recognizing the services provided by development partners to the private sector.
Al-Mashat delivered the inaugural address at the regional workshop focused on exchanging experiences in promoting entrepreneurship, organized by the African Development Bank (AfDB). This workshop is part of the AfDB's initiative to bolster entrepreneurship, innovation, and consultations, launched in 2019 through its regional office for North Africa, supporting the sector in Egypt, Tunisia, and Morocco.
In her virtual speech, the Minister of International Cooperation underscored the significance of the AfDB's initiative in supporting entrepreneurship and small and medium-sized projects in North Africa. She emphasized the workshop's importance in enhancing regional partnerships, sharing best practices, and exploring innovative solutions in the realm of entrepreneurship, inclusion of the informal sector, and fostering impactful investments.
The Minister of International Cooperation outlined that Egypt remains committed to strengthening collaboration with multilateral and bilateral development partners to support the private sector, small and medium-sized enterprises, and entrepreneurs. This commitment aims to create employment opportunities and boost employment rates, contributing to economic growth.
In alignment with the recommendations of the Egypt Economic Conference 2022, the Ministry of International Cooperation launched the "Hafiz" platform, providing financial and technical support to the private sector. It stands as the first integrated platform connecting financial and non-financial services offered by various stakeholders to support local and foreign private sectors in Egypt.
The platform complements ongoing government initiatives to enhance private sector participation in development, recognizing it as a crucial driver of comprehensive and sustainable growth and a significant contributor to the labor market by generating more employment opportunities across various sectors.
The minister expressed the ministry's readiness, through the AfDB initiative, to share experiences with African countries regarding the platform's launch mechanism.
She highlighted that digitization, innovation, and entrepreneurship rank among the top priorities of the Ministry of International Cooperation. Currently, the ministry holds a portfolio of 36 projects, valued at about $1 billion, contributing to the implementation of 12 Sustainable Development Goals. Regional emphasis on supporting entrepreneurship and startups can enhance South-South cooperation between countries.
The AfDB's initiative EInA focuses 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.
