Minister of International Cooperation Rania Al-Mashat said that innovation, fintech, and projects launched by entrepreneurs are key drivers for growth; providing innovative solutions in various fields.
She added that the Ministry of International Cooperation works with multilateral and bilateral development partners to strengthen partnerships within this sector, supporting young innovators and entrepreneurs as major contributors in accelerating development.
Her remarks came during her speech at the panel discussion on “Beyond Recovery: the Resilience and Sustainability of the Emerging Fintech Solutions”, as part of the annual meetings of the Islamic Development Bank (IsDB) held in Sharm El-Sheikh under the patronage of President Abdel Fattah Al-Sisi, as part of the 2022 IsDB Private Sector Forum.
The Minister explained that the development financing agreements secured by the private sector from multilateral and bilateral development partners during 2020 and 2021 amounted to about $5 bn, whether through direct financing of private sector companies or indirectly through the provision of credit lines to commercial banks for re-lending to SMEs. This was secured through partnerships with the IsDB, the European Investment Bank (EIB), the African Development Bank (AfDB), the European Bank for Reconstruction and Development (EBRD), and others.
To foster an innovation-centric approach, the Ministry of International Cooperation is also supporting Fintech startups via its first government-backed Venture Capital Fund “Egypt Ventures” in partnership with the General Authority for Investment and Free Zones (GAFI) and in cooperation with development partners. Up until 2021, over 176 startups received either direct investments from Egypt Ventures or indirect investments through its accelerators (Falak Startups and the EFG-EV Fintech Accelerator, which represents an innovative model of public-private partnership being co-lead with one of the leading player in the financial sector, EFG Hermes)
