The Minister of International Cooperation H.E. Dr. Rania A. Al-Mashat witnessed the launch of the second phase of the technical support programme for the digitalisation of the Suez Canal Economic Zone (SCZone).

This is being implemented in partnership with the European Bank for Reconstruction and Development (EBRD) and the country strategy with the bank for 2022-2027 that focuses on: promoting an inclusive economy, accelerating Egypt’s green economy transition, and enhancing the country’s competitiveness by supporting private-sector growth and strengthening governance. This event included the participation of CEO of the SCZone Waleid Gamal El-Dein, EBRD’s Vice President Alain Pilloux, Managing Director of the SEMED Region Heike Harmgart, and the Ministry of International Cooperation team.

In her speech, the Minister said, "we are pleased to announce today, in cooperation with the EBRD, one of the most prominent development partners of the Government of Egypt, the start of the implementation of the second phase of the technical support programme for the digitalisation of the SCZone, aiming to strengthen the region's position as a center for global investments, building on what was achieved in the first phase, which was successfully completed in 2020.”

The Minister stated that the first phase achieved great progress in terms of accelerating the pace of procedures for investors in the SCZone, which enhances the efficiency of the services that are provided, and supports the Government of Egypt’s priorities to transform the region into a major development hub and enhance the competitive advantages available to investors from different sectors across the world. H.E. added that the second phase aims to simplify administrative procedures and speed up the management of investor services, launch a unified and automated window that provides services to investors, and develop an effective, competitive and environment-friendly business environment.

Al-Mashat stressed that digitization and digital transformation solutions are no longer an option, but rather made it clear that the huge investments in digital infrastructure are indispensable in order to facilitate the transition of countries towards the digital economy and to enhance development efforts, so the government is taking serious steps towards promoting the expansion of digital services. And the development of safe and flexible infrastructure, and strengthening this through legislative frameworks, which will ultimately be reflected in stimulating efforts to empower the private sector and increase its role in achieving development and building a competitive and sustainable economy.

Al-Mashat stressed that digital solutions are no longer an option, but rather a necessity to enhance the transition of countries towards the digital economy and to enhance development efforts. To that end, the Government of Egypt is taking serious steps towards promoting the expansion of digital services and the development of safe and flexible infrastructure, through legislative frameworks, which will ultimately be reflected in stimulating efforts to empower the private sector and increase its role in achieving development, thus building a competitive and sustainable economy.

The Minister applauded the strategic partnership with the EBRD, which provides various support mechanisms, whether through soft development funds or technical support for the private and government sectors, pointing out that more than 70% of the bank's investments in Egypt over the past ten years have been dedicated to the private sector. Recently, work has been done with the Government of Egypt  to support the private sector's participation in the inauguration of the first dry port in Egypt in the 6th of October City, in addition to many projects in various fields of development.

Moreover, the Minister noted the bank’s efforts towards advancing the digital transformation and sharing the studies with various partners in light of the EBRD’s endeavor to promote the transition to a more open and market-oriented economy, and work to enhance the entrepreneurial environment in the economies in which it invests. H.E. noted the need to do more research and analysis in this field, given the stages of transformation that all economies - at different levels of development - are going through, especially in light of the challenges facing the countries of the world.

Al-Mashat concluded her speech by emphasizing the importance of digital transformation in providing job opportunities, promoting expansion in economic sectors such as financial services and e-commerce, and promoting comprehensive and sustainable growth.

It is worth noting that in 2022, Al-Mashat witnessed the launch of the 2021- 2022 Transition Report “System Upgrade: delivering the Digital Dividend” issued by the EBRD which monitors how countries can benefit from digital transformation as an engine of economic growth, especially after the COVID-19 pandemic. This takes a special focus on the role of digitization in various economic sectors such as infrastructure, financial institutions, financial technology, and skills.

H.E. stated that the ongoing portfolio of the Ministry of International Cooperation includes 35 projects in innovation, digitization and entrepreneurship, which contribute to achieving 11 SDGs, with a total development financing of $1 billion, representing 4.5% of the Ministry's development financing portfolio. These funds were made available by 13 bilateral and multilateral development partners.

It is worth noting that Egypt is one of EBRD’s founding members. In 2021, Egypt became a country of operation, and to date, over €10 billion euros in over 160 projects, of which 70% has been dedicated to the private sector.