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  • Saturday, 24 February 2024

The Ministry of International Cooperation Participates in the Signing Ceremony of an Agreement between Italy and the EBRD to Support Emerging Companies and Small Projects in Egypt

The Ministry of International Cooperation participated in the signing ceremony of an agreement between Italy and the European Bank for Reconstruction (EBRD) and Development.

According to which the Italian Agency for Development Cooperation will provide €2 million to the EBRD to launch a program to support emerging companies and small and medium-sized enterprises in Egypt and encourage companies led by youth and women, in a way that enhances their competitiveness and ability to withstand and support comprehensive and sustainable growth.

This comes in light of the vital role of international partnerships in supporting various areas of development, and the role played by the Ministry of International Cooperation to strengthen relations and coordination with multilateral and bilateral development partners in order to enhance development efforts.

Through the country strategy between Egypt and the EBRD 2022-2027, the Ministry of International Cooperation, works to achieve the three goals of the strategy, which are to support the country’s efforts to achieve comprehensive and sustainable economic growth, accelerate the transition towards a green economy, enhance competitiveness, increase growth rates, and stimulate the role of the private sector in development.

The Minister of International Cooperation, H.E  Dr. Rania A. Al-Mashat, explained that this agreement reflects the strength of international partnerships and continuous coordination between bilateral and multilateral development partners to support development efforts in priority areas in Egypt, adding that cooperation enhances ongoing efforts to empower and develop the ecosystem of entrepreneurship and emerging companies, especially those led by  women and youth, which enhances competitiveness and the ability to adapt to changes.

Moreover, H.E. expressed her appreciation to the continued and constructive cooperation with the Italian side, through which blended financing and grants are provided to support and finance many development projects in the fields of trade, industry, small and medium enterprises, environment, heritage and culture, education, social protection,women’s empowerment and other areas.

The Egyptian-Italian relations are witnessing continuous development at the level of international partnerships, and the bilateral cooperation portfolio amounts to about €89 million, to support many sectors, including agriculture and small projects, in addition to the debt swap program for development, which is worth $350 million.

The EBRD has contributed to pumping investments worth more than €11 billion, 80% of which to the private sector since the start of work in Egypt in 2012. A large portion of these funds were provided to small and medium enterprises and emerging companies, whether through financing or investments.