Latest news with #RaniaAlMashat
Zawya
10 hours ago
- Business
- Zawya
Minister of Planning, Economic Development Meets Goldman Sachs Delegation to Review Progress in the Egyptian Economy and Government Efforts to Empower the Private Sector and Increase Investment
H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, met with H.E. Mr. Farouk Soussa, Chief Economist at Goldman Sachs International Financial Institution, and a number of bank officials. The meeting reviewed key developments in the Egyptian economy and the state's efforts to improve the business environment and create an investment climate to attract local and foreign investments and enhance macroeconomic stability. During the meeting, H.E. Dr. Rania Al-Mashat emphasized that since the beginning of the economic reform program, the government has prioritized strengthening macroeconomic stability, to boost confidence and credibility in the Egyptian economy. H.E. Minister Al-Mashat pointed out that the government's priorities include maintaining macroeconomic stability and implementing the national program for structural reforms. This program focuses on three key pillars: promoting the resilience and stability of the macroeconomy, improving the business environment and investment climate, and driving the transition to a green economy. H.E. Dr. Al-Mashat noted that within the framework of the program, varous national entities are implementing dozens of measures and policies that enhance public finance discipline and reduce burdens on investors. For the first time, the state is working to consolidate all fees borne by investors to unify them into a single framework, following the directives from H.E. President Abdel Fattah El-Sisi. The government has also formed a national committee concerned with the Business Ready (B-Ready) report, issued by the World Bank, which will measure and monitor the regulations to improve the business environment and support the competitiveness of the Egyptian economy, and referred to the ongoing procedures to promote the transition to a green economy. H.E. Dr. Al-Mashat highlighted the national narrative for economic development and the state's determination to transform the Egyptian economic growth model to be based on tradable and export-oriented sectors. She pointed to the positive developments in the first half of the current fiscal year, which showed positive growth with a change in the quality of growth, led by the non-petroleum manufacturing sector, tourism, transport and storage, and information and communications technology, despite geopolitical tensions in the region and the world. H.E. Minister Al-Mashat also reviewed the strong relationships with international institutions and development partners to drive finance for development, particularly for the private sector, and the positive change in the volume of financing alongside economic and structural reform measures. This contributed to an increase in financing to approximately $4.2 billion by the end of last year, exceeding government financing for the first time. She outlined the ongoing negotiations with the European Union to implement the second phase of the macroeconomic assistance mechanism and budget support worth €4 billion. H.E. Dr. Al-Mashat addressed the state's measures to empower the private sector and make room for local and foreign investments through the implementation of the State Ownership Policy Document. She highlighted that the state is working on three pillars in this context: first, the sovereign fund, which aims to increase returns on assets and maximize their utilization for future generations, alongside the government offerings unit at the Cabinet, as well as the currently debated law concerning the management of or participation in state-owned companies. This law will enable the establishment of a unit to inventory and monitor state-owned companies, which will undertake many tasks, including determining the best methodologies for dealing with companies to enhance private sector empowerment efforts. At the same time, she pointed to the partnership with the International Finance Corporation (IFC), which provides advisory services to strengthen public-private partnerships (PPP) in the airport sector, to improve infrastructure, connectivity, and passenger services. Distributed by APO Group on behalf of Ministry of Planning, Economic Development, and International Cooperation - Egypt.
Zawya
a day ago
- Business
- Zawya
Under the patronage of the Ministry of Planning, Economic Development, and International Cooperation and the Dutch Embassy, 100 Startups Graduated from the 'Orange Corners' Program from the 2025 Delta Cohort
The 'Orange Corners Egypt' program announced the graduation of 100 startups in the first cohort of the 2025 program in the Delta region, during a ceremony held under the patronage of H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, and H.E. Ambassador Peter Mollema, Ambassador of the Netherlands in Cairo, at the Dutch Embassy in Cairo, in partnership with a number of private sector companies. This comes within the framework of promoting the concept of innovation and entrepreneurship among Egyptian youth. The ceremony was attended by a distinguished group of government representatives, development partners, and private sector leaders. In this context, H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, noted that empowering entrepreneurs by promoting innovation and creating new job opportunities is one of the main pillars of Egypt's economic development model, which is based on increasing private sector participation in development. The graduation of 100 startups within the Orange Corners program, is a real example of how international cooperation and private sector partnerships can create opportunities at the local level and contribute to inclusive growth in vital sectors such as agritech, education, and climate smart solutions. Among the graduating startups in the program's first cohort, 52 are led by women, reflecting the program's strong commitment to women's empowerment and inclusive economic growth. The program ensures that women constitute over 50% of total participants, in affirmation of its belief in the importance of integrating women into the economic development process and enabling them to build prosperous professional futures. This specific cohort was characterized by its focus on vital sectors that affect the future of the national economy, including smart agriculture, innovation in the food industry, sustainable technological solutions, green entrepreneurship, education, health, and creative industries. The program is a comprehensive platform that supports young entrepreneurs by providing specialized business development training, career guidance and mentorship, access to networks and investment opportunities, and the necessary support to establish viable and sustainable businesses. It is expected that the program will support around 130 startups during 2025, including 100 companies in the Delta region across the governorates of Alexandria, Beheira, Kafr El-Sheikh, Dakahlia, and Menoufia, in addition to 30 companies in Upper Egypt in the governorates of Assiut and Luxor. Each graduating project is estimated to create between two to five new jobs, which means the program has the potential to create more than 3,000 direct and indirect jobs. It is worth noting that the 'Orange Corners' program was launched in 2021 as part of a global initiative by the Kingdom of the Netherlands, and is implemented locally by Outreach Egypt Foundation, with the support of key partners at Al Qatta. The program aims to empower young people between the ages of 18 and 35 in marginalized areas and turn their ideas into innovative, scalable projects, in line with Egypt's Vision 2030 and five key UN Sustainable Development Goals (SDGs 4, 5, 8, 9, and 13). The program contributes directly to supporting inclusive growth, entrenching a culture of innovation, and promoting the principle of sustainability, based on a firm belief that youth are the key drivers of Egypt's future. Distributed by APO Group on behalf of Ministry of Planning, Economic Development, and International Cooperation - Egypt.
Zawya
2 days ago
- Business
- Zawya
Egypt's startup funding surges 130% to $228mln in January-May
Cairo: Egypt's startup sector attracted 228 million U.S. dollars in funding from January to May, marking a 130-percent increase compared to the same period last year, the Egyptian government said on Sunday. A total of 16 deals were executed during the five-month period, including 11 with disclosed investment volumes totaling 156 million U.S. dollars. Additionally, real estate startup "Nawy" and fintech company "MNT-Halan" secured debt financing worth 23 million and 49 million dollars, respectively, the Ministry of Planning, Economic Development and International Cooperation said in a statement. "These indicators reflect the continuous activity in Egypt's startup market, particularly with the measures taken by the state to improve the investment climate and business environment," said Rania Al-Mashat, minister of Planning, Economic Development and International Cooperation and head of the Ministerial Group for Entrepreneurship. She added that the government had taken significant steps to empower startups and enhance their ability to attract larger investments, "notably including tax incentives for companies with revenues less than 20 million Egyptian pounds (about 400,000 U.S. dollars)." The property technology sector led in terms of venture capital investment volume, accounting for 33 percent of total investments, while the financial technology sector led in the number of deals, with five transactions representing 32 percent of the overall investment, the ministry noted. The Ministerial Group for Entrepreneurship was launched in September 2024 to foster Egypt's startup environment through policy coordination, funding initiatives, and new proposals aimed at supporting early-stage companies, according to the statement. © Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
6 days ago
- Business
- Zawya
Egypt, Swedfund sign LOI to boost electricity, sustainable transport cooperation
Arab Finance: Egypt's Ministry of Planning, Economic Development, and International Cooperation signed a letter of intent (LOI) with the Swedish Development Finance Institution (Swedfund) to enhance joint efforts in the electric power and sustainable transportation sectors, as per a statement. The agreement was signed by Egyptian Planning Minister Rania Al-Mashat and Swedfund CEO Maria Håkansson during the Second Egyptian-Swedish Business Forum. The signing took place in the presence of Egyptian Minister of Investment and Foreign Trade Hassan El-Khatib and Swedish Minister for International Development Cooperation and Foreign Trade Benjamin Dosa. Under the agreement, Swedfund will provide development grants for feasibility studies aimed at improving the efficiency and stability of Egypt's electricity grid. It will also finance advisory services for the country's Bus Rapid Transit (BRT) project. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
7 days ago
- Business
- Zawya
Egypt, EU to launch $2bln investment guarantees in June: Al-Mashat
Arab Finance: Egypt and the European Union (EU) will launch an investment guarantees mechanism valued at €1.8 billion next June, Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, announced. On the sidelines of the Egypt-Sweden Business Forum, Al-Mashat noted that the mechanism aims to attract private capital and mobilize major investments across key sectors, such as energy, infrastructure, digitalization, water, agriculture, and climate resilience. These guarantees will also contribute to mobilizing additional funding from European and international development banks, reinforcing the investment landscape in Egypt, Al-Mashat added. This is in addition to creating new opportunities for the private sector, including Swedish companies. The minister indicated that Swedish firms operating in Egypt play a vital role in driving innovation, securing job opportunities, and enhancing industrial efficiency. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
