Egyptian Minister of International Cooperation Rania al-Mashat announced Saturday that the development financing agreements obtained by the private sector from multilateral and bilateral development partners during 2020 and 2021 amount to about US$ 5 billion.
Mashat explained that these agreements include direct financing for private sector companies or indirectly through credit lines that are re-lending to small and medium-sized companies.
Her statements came during a session held on enhancing flexibility and sustainability through financial technology solutions after the coronavirus, as part of the activities of the annual meetings of the Islamic Development Bank held in Sharm el-Sheikh.
She added that funding was provided by a variety of development partners, such as the Islamic Development Bank, the European Investment Bank, the African Development Bank, the European Bank for Reconstruction and Development, and others.
The minister said that innovation, financial technology and projects launched by entrepreneurs are key growth drivers for its role in providing innovative solutions in various fields.
Mashat added that the Ministry of International Cooperation is working with multilateral and bilateral development partners and strengthening partnerships with the private sector to support young innovators and entrepreneurs as major contributors to achieving development.
She explained that in addition to development funds, the ministry is working to provide technical support, expertise and technology through multilateral and bilateral development partners.
This is in line with the state’s development directions and the objectives of the economic and structural reform program that Egypt working on stimulate the role of the private sector and expand its participation in efforts to achieve development, to thereby stimulate growth and employment rates.
Mashat noted the great progress in Egypt regarding providing an environment for entrepreneurship and innovation, especially financial technology.
She added Egypt is among the top countries in Africa and the Middle East in financial technology investments in terms of the number and size of deals.
The minister stressed that financial technology solutions have become indispensable at the present time to increase financial inclusion rates, face the challenges that have arisen after the coronavirus pandemic, and find innovative solutions to development challenges.
Edited translation from Al-Masry Al-Youm