The annual report of the Ministry of International Cooperation for 2023, under the title The annual report of the Ministry of International Cooperation for 2023, entitled “International Partnerships for Sustainable Development: Platforms for Policy and Practice,” reviewed the most prominent international partnerships, concessional development financing, and grants directed to enhance women’s empowerment efforts, social protection, and financing small and medium enterprises during the period from 2020 to 2023.
The Ministry's annual report revealed that the total soft development funding directed to these sectors amounted to about $1.56 billion, out of a total development funding for various sectors of the country amounting to $28.5 billion, over the past period.
The report indicated that the Ministry of International Cooperation is working to expand the role of startups and entrepreneurship, improve the entrepreneurship environment and relevant legislation, as well as encourage international investments from development partners in startups, in light of the role played by small and medium-sized companies, to advance development and encourage Innovation and achieving long-term sustainable development, as Egypt is home to more than 2.5 million small and medium-sized companies, representing more than 90% of companies and 70% of job opportunities in the country, which reflects that small and medium-sized companies play a vital role in the Egyptian economy.
Small and medium enterprises
The total concessional development financing and grants directed to small and medium enterprises over the period from 2020 to 2023 amounted to about $456 million, including a project to support entrepreneurs and small and medium enterprises from the World Bank Group worth $200 million, and a line of credit for small and medium enterprises from the OPEC Fund for International Development with a value of $95 million, an energy efficiency program for small and medium enterprises with a value of $13 million and $44 million, and a private sector support and innovation program for financing small, medium and micro enterprises with a value of $36 million from Germany.
The Arab Fund for Economic and Social Development also provided development financing worth $50 million for the program to support medium, small and micro enterprises and enterprises in the private sector, in addition to grants from Germany, the European Union and the French Agency worth $6 million, to enable small projects to obtain financial services, and the development support project.
Misr Entrepreneurship and Investment Company
Misr Entrepreneurship and Investment Company was established in 2017, and it is the first venture capital company in cooperation with development partners to support the startup environment in Egypt, with a paid-up capital of 451 million pounds, with the participation of the Ministry of International Cooperation, the Saudi Fund for Development, and the General Authority for Investment and Free Zones and NI Capital Company. The company focuses on investing in technology-based entrepreneurial businesses to facilitate its access to financing, especially bank financing, which provides great opportunities for expansion and high investment returns.
Since its founding, the company has invested more than 383.5 million pounds in more than 205 startup companies. Of these, 222.2 million pounds are direct investments and 166.3 million pounds are indirect investments. The Misr Entrepreneurship and Investment Company also invests in 3 business accelerators that in turn support emerging companies in various sectors, which are the “Falak Startups” business accelerator, as well as “Flat6Labs”, in addition to the Fintech EFG EV.
Women's empowerment and social protection
In addition, funding directed to women’s empowerment and social protection projects amounted to about $1.1 billion over 4 years, including $1 billion from the World Bank Group, in two tranches to expand the cash transfer program to support social protection “Takaful and Karama,” in addition to grants from the European Union worth $85 million for many programs, including the equal opportunities program, the women’s empowerment program “Tamkeen,” the program to combat the economic causes of illegal immigration, and the program to support civil society in Egypt and illegal immigration.
Canada also made three grants worth $13 million available to the Women’s Economic Empowerment Program for Comprehensive and Sustainable Growth, the Women’s Opportunities in Agribusiness Program, and the Women’s Entrepreneurship Support Program. Germany also made two grants worth $12 million available to the Equal Opportunities and Development Program. Social, and the project to combat harassment against women.
For more details about the annual report of the Ministry of International Cooperation