WATCH: Egyptian Startups Secure $228M in First Five Months of 2025
Jun 11, 2025
Egyptian startups have attracted $228 million in venture capital and debt financing from January to May 2025, according to a statement from the Ministerial Group for Entrepreneurship. The figures mark a 130% year-on-year increase in disclosed investment volume, reflecting continued growth in Egypt's startup ecosystem despite ongoing economic challenges.
In total, 16 deals were recorded during the period, with 11 of them publicly disclosing investment amounts that collectively reached $156 million. In addition to equity investments, two notable debt financing deals were secured: proptech platform Nawy raised $23 million, while fintech firm MNT-Halan secured $49 million.
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Al-Ahram Weekly
21 minutes ago
- Al-Ahram Weekly
FM Abdelatty inaugurates Egypt-Mali Business Forum in Bamako - Foreign Affairs
Minister of Foreign Affairs Badr Abdelatty inaugurated the Egypt-Mali Business Forum on Thursday in Bamako, Mali's capital, according to a statement from the Egyptian Foreign Ministry. The forum featured broad participation from senior business leaders and representatives of both the public and private sectors from Egypt and Mali. In his opening speech, Abdelatty stated that the forum represents a new and important milestone in strengthening economic and trade partnerships between Egypt and Mali. He noted that Egyptian-Malian relations are currently witnessing unprecedented momentum. Egypt's FM emphasised that the forum opens unprecedented opportunities for the private sectors in both countries to develop partnerships based on integration and mutual trust, reflecting the two countries ' deep historical ties and economic potential. He praised the forum as a practical first step toward institutional cooperation, especially in light of the joint efforts that led to the establishment of an economic working group between the two countries. He also highlighted the ongoing efforts to create an Egypt-Mali Business Council to activate cooperation opportunities across various sectors. Furthermore, Abdelatty expressed Egypt's genuine desire to expand its investments in Mali, particularly in the textile, wood, and pharmaceutical sectors. He also explained that the Egyptian economy, being one of the largest in Africa, has promising investment opportunities. Egyptian companies, Abdelatty added, have ample experience in implementing strategic projects in infrastructure, agriculture, energy, dams, pharmaceuticals, and telecommunications. According to the statement, the Egyptian FM reaffirmed Egypt's continued support of Mali's efforts to achieve security and stability and to counter terrorism. He stressed the importance of adopting a comprehensive approach that links security and development. In return, Moussa Al-Hassan Diallo, Mali's Minister of Industry and Trade, emphasised the high importance the Malian government places on enhancing cooperation with Egypt. He also praised Egypt's expertise in supporting development in Africa. Moreover, Diallo stated that the forum reflects the shared political will to raise the level of economic and investment cooperation between the two countries and represents a qualitative step toward establishing a sustainable partnership. Abdelatty's visit to Mali is the fourth destination on his five-leg African tour. Having already visited Niger, Mali, Nigeria, and Burkina Faso, he has yet to visit Senegal. This regional tour follows Egypt's engagement in the 47th Ordinary Session of the African Union's Executive Council held earlier in July. Follow us on: Facebook Instagram Whatsapp Short link:
Al-Ahram Weekly
2 hours ago
- Al-Ahram Weekly
Egypt government committed to economic reform - Economy - Al-Ahram Weekly
Egypt's economy expanded by 4.8 per cent in the third quarter of fiscal year 2024-25, up from 4.2 per cent in the first nine months and 2.4 per cent at the start of the fiscal year, Finance Minister Ahmed Kouchouk told a seminar on 'Fiscal Policy Between Financing Challenges and Growth Aspirations' organised by the Egypt-Canada Business Council and the Egyptian Business Council for International Cooperation on Monday. Last week, Kouchouk told participants during the opening session of the 'Egypt Day' at the London Stock Exchange in the UK that the country's primary surplus had reached 3.6 per cent in fiscal year 2024-25, the highest ever recorded, with a 35 per cent growth in tax revenues. He said the figures were the outcome of Egypt's solid fiscal performance. Delivering a presentation about the country's macroeconomic outlook, he said that taxes had not been increased or new ones imposed. The increased revenue was possible because of facilitations, broadening the tax base, digitisation, and building trust, the minister said. Given the improved revenues, Kouchouk said that next year he hopes to triple allocations supporting the economy, double export funding, and launch more initiatives supporting the industrial and tourism sectors and entrepreneurship. He said this was possible despite the headwinds that had affected Suez Canal revenues and an oil sector that needed support to rebound. He said he was confident that the country would meet its key economic reform targets and have a delayed review of its $8 billion International Monetary Fund (IMF) programme completed by September or October, according to Reuters. According to the news agency, Kouchouk said he expected the government to complete three to four privatisations across various sectors before the end of the current fiscal year 2025-26. He said the government had shared a medium-term plan for these with the IMF and international institutions. The fifth review of Egypt's $8 billion Extended Fund Facility programme by the IMF has been delayed due to slow progress on reforms such as divesting state assets and reducing the footprint of the government in the economy. This meant that Egypt would not receive the fifth tranche of $1.2 billion that was set to be release by the IMF following the review. However, once Egypt passes the combined fifth and sixth review scheduled for this autumn, it should receive $2.5 billion. Prime Minister Mustafa Madbouli had previously referred to the regional and global turmoil and its effects on the investment climate and the movement of capital in explaining the delays, indicating that these conditions had not been favourable to the sale of stakes in state-owned companies. At a recent press conference, he affirmed that selling stakes in state-owned companies was important for the government. He said that the IMF had not asked the state to offer stakes in specific sectors or companies, affirming that the decision was 100 per cent Egyptian, and that the delays were due to the state's target of achieving a specific return from the offering of the assets. If this return is not achieved, the offering is postponed to a more suitable time, he explained. In November 2024, Madbouli said that the government was planning to offer stakes in 10 state-owned companies in 2025, including four military-owned companies and banks. The list also included companies in the pharmaceuticals sector. Moreover, the government said it would privatise the management of Egypt's airports at a recent press conference, with Madbouli explaining that this involves offering the management and operation of the airports to specialised global companies. He said that the return generated by these companies in managing the airports would represent a higher value than what would be achieved through state management. In the meantime, the IMF released its report on the fourth review of Egypt's reform programme that took place earlier this year. According to the IMF report, the government has made progress in stabilising the economy. However, it said that going forward 'it is critical not only to consolidate these short-term gains but also accelerate the implementation of structural reforms.' The fourth review gives a glimmer of hope, said Hesham Shafick, assistant professor of strategic management at the German International University (GIU) in Cairo, citing it as acknowledging that inflation had cooled to around 24 per cent compared to a peak of 38 per cent and that GDP growth is recovering and reserves have accumulated quicker than expected. Quarterly real GDP growth picked up to 3.5 per cent in the first quarter of fiscal year 2024-25 compared to 2.7 per cent the same time the year before. Net international reserves reached $48.7 billion at the end of June 2025, according to the Central Bank of Egypt (CBE). However, Shafick said that some of the challenges mentioned by the report remain the same as those mentioned by the IMF since day one of the agreement, namely that the government needs to take a back seat in the economy and allow the private sector more room to operate. The fourth review report said that 'deeper reforms are required to unlock Egypt's growth potential, sustainably reduce its vulnerabilities, and meet its economic and social needs.' Reducing the role of the public sector in the economy is an urgent priority, the report stressed. It listed essential reforms such as developing a financial system that supports private-sector development, strengthening the competitiveness of the economy, and levelling the playing field and reducing red tape. According to Shafick, the economy continues to depend on piecemeal solutions such as the sale of assets or loans, while real recovery requires shrinking the state's role in non-strategic sectors and encouraging private-sector investment inflow in productive sectors. He said that while the government appears to be serious about clearing the way for private-sector activity, it needs to take steps on the ground such as issuing new legislation that will create an ecosystem that would attract the private sector. The private sector wants to make sure that it will be competing on equal terms with other players in the market, Shafick said. 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Earlier this month, the US ratings agency Moody's kept Egypt's outlook positive and affirmed its Caa1 rating. The agency said its outlook 'reflects the prospect for an easing of Egypt's debt service burden… and increasing monetary policy credibility and effectiveness.' Yeken said that 'the IMF's continued support is not in question. Egypt remains geopolitically strategic.' However, he stressed that 'Egypt's own long-term stability hinges on a genuine pivot away from state-led commercial expansion and toward a rules-based, competitive market economy.' Attracting foreign direct investments (FDI) and selling stakes in state-owned companies is crucial not only for the growth of the economy but also to bring in revenue to bridge Egypt's financing gap. In the fourth review report, the IMF estimated the financing gap at $8.2 billion in 2025-26. To help bridge that gap, bond issuances are in order. Kouchouk said that there are plans to issue up to $4 billion of various types of bonds. Last month, $1 billion worth of sovereign sukuk (Islamic bonds) was issued. Though these issuances have raised concerns about growing external debt, the government has said it is part of a strategy to extend the maturity of its debt. The IMF puts Egypt's external debt at reaching around $180 billion in the current fiscal year, with external debt servicing amounting to $46.6 billion. During his meeting in London last week, the minister said the government was implementing an integrated strategy to improve public debt indicators and maintain investor confidence. During the seminar on Monday, he said the government had already begun reducing the country's debt-to-GDP ratio, targeting overall improvements in all economic indicators over the coming period. He added that the government remains committed to reducing external debt-servicing obligations for all budget entities by $1 to $2 billion annually. * A version of this article appears in print in the 24 July, 2025 edition of Al-Ahram Weekly Follow us on: Facebook Instagram Whatsapp Short link:
Egypt Independent
4 hours ago
- Egypt Independent
Ethiopia declares Grand Ethiopian Renaissance Dam just the beginning: More nile dams planned for development
The CEO of Ethiopia's Grand Ethiopian Renaissance Dam (GERD) Coordination Office, Aregawi Berhe, announced that Ethiopia requires even more water dams to achieve development in its agriculture and energy sectors, stating unequivocally that 'GERD is not the end of the road.' Speaking to Ethiopian media on Wednesday, Aregawi added that the GERD project is merely a first step in a long trajectory of self-driven development in the water and energy sectors. He emphasized that 'Ethiopia cannot be content with just one dam.' He highlighted the need for additional dams to serve vital purposes, primarily supporting the agricultural sector, which he described as a fundamental pillar of the national economy and food security. He believes Ethiopia has been slow in utilizing its water resources compared to other pioneering nations. 'We will not stop at just one dam; we need dams that serve other purposes, including agriculture,' he reiterated, viewing the GERD project as the beginning of correcting this path and a strategic step towards catching up with development. Aregawi also mentioned that GERD was completed with full internal funding, without reliance on foreign loans or aid. This statement came in response to previous claims by President Donald Trump about U.S. financing for the dam. Ethiopia is preparing for the official inauguration ceremony of GERD next September, with increasing regional and international attention on this massive project, which is expected to alter the balance of energy and development in the Horn of Africa region. Recently, President Donald Trump spoke about GERD on multiple occasions, stating during a White House press conference with NATO Secretary-General Mark Rutte: 'The United States financed the GERD, and I don't know why.' Earlier this July, Ethiopian Prime Minister Abiy Ahmed announced the completion of GERD's construction and set next September as the inauguration date, coinciding with the end of summer. In response, Egypt reiterated its categorical rejection of Ethiopia's continued imposition of a fait accompli through unilateral measures related to the Nile River, considering it a shared international water resource. Egyptian Minister of Water Resources and Irrigation, Hani Sewilam, stated in a press release that the Ethiopian side has persistently promoted the completion of the dam, calling it 'illegal and in violation of international law,' despite the absence of a binding agreement with downstream nations and despite the substantive reservations expressed by both Egypt and Sudan. He added that Ethiopia's policy is a 'clear violation of international law, especially the rules related to the equitable and reasonable use of international watercourses and the obligation not to cause significant harm.'
