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  • Tuesday, 13 February 2024

The Minister of International Cooperation H.E. Dr. Rania A. Al-Mashat Delivers Opening Speech at Regional Workshop on Exchanging Experiences in Entrepreneurship organized by the AfDB Within the Framework of EInA.

The Minister of International Cooperation, H.E. Dr. Rania A. Al-Mashat delivered the opening speech at the regional workshop on exchanging experiences in the field of encouraging entrepreneurship, organized by the African Development Bank (AfDB) within the framework of the Entrepreneurship, Innovations and Advice Network for North Africa (EInA). This initiative was launched by the bank in 2019 in its regional office for the North Africa region to support the sector in Egypt, Tunisia and Morocco.

In her speech delivered via video, H.E. stressed the importance of the initiative launched by the AfDB within the framework  of supporting entrepreneurship and Small and Medium Enterprises (MSMEs) in North Africa. H.E. also highlighted the importance of the workshop in strengthening regional partnerships, exchanging best practices, and exploring innovative solutions in entrepreneurship and businesses, including the informal sector and promoting impact investing.

Al-Mashat noted  that Egypt continues to strengthen its efforts with multilateral and bilateral development partners to support the role played by the private sector, as well as medium and small companies and entrepreneurs, to provide job opportunities, increase employment rates, and support economic growth.

Al-Mashat added that, in implementation of the recommendations of the Egypt Economic Conference 2022, the Ministry of International Cooperation has launched The Private Sector Engagement Portal: Hub for Advisory, Finance & Investment for Enterprises, which is the first integrated platform linking financial and non-financial services provided by multilateral and bilateral development partners to the local private sector and foreign companies to support development efforts in Egypt.

H.E. explained that this platform is in line with the government’s ongoing measures to enhance the participation of the private sector in development, as it is a major driver of comprehensive and sustainable growth, and the greatest supporter of the labor market by creating more employment opportunities in various fields.

H.E. also expressed the Ministry's readiness, through the AfDB initiative, to exchange experiences with countries across  the African continent on the mechanism of launching the platform.

Al-Mashat pointed out that through international cooperation from 2020 to 2023, about $10.3 billion in financing was secured, whether in the form of development financing or investments for the private sector, in addition to technical support.

H.E. stated that digitization, innovation and entrepreneurship are top priorities at the Ministry of International Cooperation, as the ongoing portfolio includes 36 projects worth about $1billion, contributing to the implementation of the SDGs, explaining that regional interest in supporting entrepreneurship, startups and small projects can enhance South-South Cooperation.

It is worth noting that the AfDB’s EInA initiative works to direct public policies to promote entrepreneurship and support SMEs, improve the process of designing programs that support these companies, and develop innovative solutions to address the challenges that prevent companies from expanding and achieving sustainability.