- Al-Mashat: Financing from development partners reduces the cost of funding for the private sector and encourages more investments.

- MSMEs are among the most benefited sectors from development financing.

- The agreement is an important step towards bridging the financing gap for small and medium enterprises and empowering women entrepreneurs to develop their businesses.

Continuing the series of events during the visit of the International Finance Corporation (IFC) Vice President to Egypt, H.E. Dr. Rania A. Al-Mashat, Minister of Planning and Economic Development and International Cooperation, witnessed the signing of a development financing agreement between the International Finance Corporation (IFC) and the Commercial International Bank (CIB), worth $150 million with the aim of supporting CIB and enabling it to enhance the growth of micro, small, and medium-sized enterprises (MSMEs), including women-led Enterprises (MSMEs).

The agreement was signed by Mr. Hisham Ezz Al-Arab, CEO of CIB, and Mr. Sérgio Pimenta, IFC Vice President for Africa.

In H.E.’s speech during the signing ceremony, Dr. Al-Mashat highlighted the long-standing and effective partnership between the government and IFC, which has played a fundamental role in advancing Egypt's efforts to achieve sustainable development.

H.E. Minister Al-Mashat emphasized that MSMEs represent the backbone of the Egyptian economy. They provide job opportunities for millions of citizens and support innovation, explaining that these enterprises, especially those led by women, face significant challenges in obtaining the necessary financing. Therefore, today's agreement is an important step towards bridging this gap, ensuring these enterprises receive the necessary support to grow, thrive, and contribute to achieving SDGs in Egypt.

The Minister pointed out the commitment of the Ministry of Planning and Economic Development and International Cooperation to empower MSMEs, due to their crucial role as key drivers of job creation and GDP growth. They also represent the foundation for inclusive economic development that includes both urban and rural areas. This agreement enhances CIB's ability to expand its portfolio to support these enterprises, creating economic opportunities and improving livelihoods across the country.

H.E. Dr. Al-Mashat also highlighted that the Prime Minister launched the Ministerial Group for Entrepreneurship, headed by the Ministry, aimed at improving the business environment for startups and entrepreneurship. The main goal is to accelerate economic growth by supporting a competitive, knowledge-based economy capable of providing decent jobs for our youth and future generations.

The Minister added that Egypt has made significant strides in women's empowerment, becoming the first country in the region to launch a national strategy for women's empowerment aligned with the UN’s SDGs. 

H.E. Minister Al-Mashat mentioned the launch of the "Closing the Gender Gap Accelerator”, a collaborative initiative between the public and private sectors aimed at achieving gender equality. Studies indicate that increasing women's participation, especially in leadership roles, strengthens financial stability and resilience. This agreement with IFC represents a strong commitment to gender equality, ensuring fair wages, and expanding financing opportunities for women entrepreneurs.

In 2021, the IFC invested $100 million in Egypt's first private sector green bond for CIB, aimed at helping launch financing for environmentally friendly projects, reducing greenhouse gas emissions, and supporting Egypt's transition to a greener economy.