• H.E. Al-Mashat reviews progress on the Bridgetown Initiative to reform the global financial system and increase financing flows to developing countries.
During her participation in the First Global Ministerial Conference on Small and Medium Enterprises, hosted by the United Nations International Trade Centre (ITC) in South Africa, H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, held bilateral meetings with H.E. Lisa Cummins, Minister of Energy and Business Development of Barbados, and H.E. Jumoke Oduwole, Minister of Industry, Trade and Investment of Nigeria, to explore avenues for strengthening cooperation across various development fields.
H.E. Al-Mashat highlighted Egypt’s experience in supporting small and medium enterprises through the establishment of the Micro, Small and Medium Enterprise Development Agency (MSMEDA). She also referred to the recent launch of the Ministerial Group for Entrepreneurship, reflecting the government’s commitment to empowering SMEs as key drivers of economic growth and employment creation.
The meetings included discussions on mechanisms to enhance South-South cooperation by exchanging successful development experiences and best practices. H.E. Al-Mashat also reviewed Egypt’s efforts to foster inclusive growth, implement structural and economic reforms, and expand partnerships between the public and private sectors.
She noted that Egypt recorded economic growth of 4.2% during the first nine months of fiscal year 2024/2025. During the same period, private investment outpaced public investment, in line with the government’s strategy to rationalize and improve the governance of public spending, thereby creating more room for private sector participation.
H.E. Al-Mashat also underscored the launch of “Hafiz”, Egypt’s first integrated digital platform designed to expand private sector—particularly SME—access to development financing and technical assistance. The platform offers over 90 services and more than 1,000 local and international opportunities, positioning itself as a comprehensive gateway for connecting the private sector with development partners.
During her meeting with Barbados’ Minister of Energy and Business Development, H.E. Al-Mashat also discussed ongoing progress on the Bridgetown Initiative, which aims to reform the international financial architecture and mobilize greater financing for sustainable development. She commended the leadership of Barbados’ Prime Minister in advancing the initiative and stressed the importance of accelerating its implementation to ensure a more fair and inclusive global financial system.