• H.E. Al-Mashat: “Women’s participation in the economy is not a luxury—it is a necessity for inclusive and sustainable growth.”
• Achieving gender equality in the labor market could boost Egypt’s GDP by 34%
• The Hub for Advisory, Finance and Investment for Enterprises (Hafiz) platform is a strategic tool to empower women entrepreneurs and enhance their access to finance and information
• Entrepreneurship and innovation are key to escaping the “middle-income trap” and achieving inclusive development
• Supporting SMEs is essential to fostering innovation and job creation
H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation and Egypt’s Governor at the European Bank for Reconstruction and Development (EBRD), participated in a high-level session titled “Transforming Financial Systems so Women Entrepreneurs Can Change the World.” The session took place as part of the 34th Annual Meeting and Business Forum of the EBRD, held in the United Kingdom from May 13–15 under the theme “Expanding Horizons, Enduring Strengths”. The forum convened a wide array of heads of state, policymakers, and representatives of international organizations.
Joining H.E. Dr. Al-Mashat in the session were Odile Renaud-Basso, President of the EBRD; Barbara Rambousek, Director for Gender and Economic Inclusion at the EBRD; and Irene Radović, Governor of the Central Bank of Montenegro.
In her remarks during the session, Dr. Rania Al-Mashat emphasized that women’s participation in the economy and the enhancement of their role in economic activity is of vital importance at the macroeconomic level, and that this is something Egypt constantly stresses through its work with various international institutions.
Al-Mashat explained that Egypt’s GDP could increase by 34% if gender equality in the workplace is achieved, which would contribute to boosting growth. She stressed that investing in the empowerment of women—whether through financial inclusion, support for startups, or other means—benefits society as a whole and leads to a better future.
She noted that access to information, various programs, and types of financing available to entrepreneurs—especially women—is a key focus of the Egyptian state. She referred to the Hub for Advisory, Finance and Investment for Enterprises (Hafiz) launched by the Ministry of Planning, Economic Development and International Cooperation, which enables women to access technical support such as the preparation of feasibility studies and knowledge of available grants, which can help reduce the risks associated with obtaining financing.
Al-Mashat pointed to the importance of small and medium enterprises (SMEs) and entrepreneurs, and their significant role in driving economic growth, noting that they are engines of innovation and a cornerstone of employment and inclusive development. She referred to the analytical study conducted by the World Bank entitled “The Middle-Income Trap,” which shows that the only way for middle-income countries to progress is through innovation and entrepreneurship. She affirmed that supporting such areas through public policy is essential and indispensable.
On green investments and their relationship to women’s empowerment and work in environmental projects, Al-Mashat said that the trend toward green investments is becoming clear in all countries where the EBRD operates, as well as in many African countries. She pointed out that when we talk about climate change, we know that women are the most affected, but they also hold the solutions. Many pioneering ideas to tackle the climate crisis have come from women entrepreneurs. She stressed the importance of providing information and training to both women and institutions, as this is where the process of designing specialized programs that take all these aspects into consideration begins.