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See - Sada Elbalad
10 hours ago
- Business
- See - Sada Elbalad
Al-Mashat Supports OECD SME Report in Egypt
Israa Farhan As part of Egypt's ongoing collaboration with the Organisation for Economic Co-operation and Development (OECD), Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, hailed the launch of a new OECD report on SME and entrepreneurship policy in Egypt. This report was released as part of the Country Programme for cooperation between Egypt and the OECD. The report aims to provide a precise analytical vision of the opportunities and challenges facing SMEs and entrepreneurs in Egypt, in addition to offering a set of recommendations based on international standards and best practices from countries with successful experiences applicable in the Egyptian context. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, explained that the report highlights the significant potential of the entrepreneurship, startup, SME, and micro-enterprise sectors in Egypt. It also reflects the government's efforts to transform into a competitive, innovation- and knowledge-based economy. Al-Mashat emphasized the importance of cooperation with the OECD within the framework of the Country Programme by preparing diagnostic reports that showcase the capabilities of the Egyptian economy and provide numerous recommendations that drive economic development. The minister commended the continued constructive cooperation within the framework of the Country Programme between Egypt and the OECD, which has been extended until 2025. This program serves as a fundamental pillar of joint cooperation, acting as a vital tool to integrate international expertise into Egypt's national development strategy, especially "Egypt Vision 2030" and the National Structural Reforms Program. The program includes 35 projects distributed across five main axes, designed through an extensive participatory process, reflecting Egypt's commitment to policy coherence and adopting reforms that align with the national reform agenda. Al-Mashat also pointed to the role played by the Ministerial Group for Entrepreneurship, in coordination with various relevant national authorities, to encourage an environment of innovation and entrepreneurship and support startups. This is achieved by studying various challenges facing the sector and working to overcome them. She noted that the Startup Charter has been finalized and will be launched soon, in addition to a package of anticipated facilities for the sector. In this context, Bassel Rahmy, CEO of the Micro, Small, and Medium Enterprises Development Agency (MSMEDA), stated that the report comes within the framework of Egypt's Country Programme, which is conducted under the patronage of the Ministry of Planning, Economic Development and International Cooperation, in coordination with MSMEDA and in cooperation with the OECD. This initiative aims to implement the entrepreneurship and SME project, which includes preparing a report on "Review of SME and Entrepreneurship Policy Frameworks in Egypt, with a focus on two axes: financial and technological services and digital transformation." This was done in consultation and partnership with relevant stakeholders. The report contained a detailed analysis of the current performance of projects and key national initiatives, in addition to analyzing sectoral gaps and formulating and presenting recommendations that would develop and enhance the project and entrepreneurship sector according to international best practices. The report indicated the importance of the project sector in Egypt, as it represents 90% of the activities of the Egyptian economy. Rahmy pointed out that MSMEDA, in cooperation with the Ministry of Planning, Economic Development, and International Cooperation, seeks to update the National Strategy for Micro, Small, and Medium Enterprises and Entrepreneurship. This strategy will activate the recommendations included in the report and put them into effect in coordination and partnership with all local and international development partners. The report indicated that Egypt, as the most populous country in the Middle East and North Africa (with over 110 million people), possesses a vast market and significant entrepreneurial potential. It also noted that the Egyptian economy, despite global challenges, has been among the fastest-growing in the region over the past five years. The report clarified that Egypt Vision 2030 gives special attention to the development of SMEs and innovative startups, and to enhancing the role of the private sector. This aligns with global trends towards a knowledge-based, innovation-driven, and entrepreneurial economy. The report also outlined the significant potential of the SME sector in Egypt, as it represents more than 90% of economic activity in Egypt, with the majority of projects concentrated in the trade and services sectors. It underscored that despite the high number of public startups in entrepreneurship, there is a gap that needs to be addressed by encouraging innovation, increasing productivity, and transitioning from the informal to the formal sector. The report added that despite significant investments in education and scientific research, and a boom in venture capital, some challenges still face small businesses. It emphasized the importance of continuing recent efforts to simplify procedures, improve the business climate, and enhance competition. The report also touched on the launch of the Ministerial Group for Entrepreneurship, which coordinates government efforts in implementing policies supporting startups, helping them access international markets, and linking the innovative solutions offered by these companies to sectoral challenges. It also noted the coordinating role of MSMEDA among government entities for sector development. The report stressed the importance of elevating decentralization policies that consider geographical differences among governorates, by designing local programs that account for spatial disparities. It also praised the level of digital transformation in Egypt and recommended developing a national strategy for digitizing small businesses, including providing tax incentives and encouraging digital transformation. In the field of financial technology, the report called for establishing a tiered licensing system for fintech companies, expanding the base of digital payments, and integrating digital financing tools into general business policies. The report concluded with several key recommendations, including developing a comprehensive annual database on the performance and characteristics of small businesses and entrepreneurship, adopting an "SME impact test" before approving any new legislation, reviewing and simplifying old laws, establishing an independent mechanism to monitor the implementation of the SME law and prepare annual reports with the participation of relevant authorities, providing tax incentives for venture capital, developing a strategy for women's entrepreneurship in cooperation between MSMEDA and the National Council for Women, boosting the efficiency of incubators by setting national standards for accreditation and evaluation, and strengthening the role of the Credit Guarantee Company (CGC) and increasing its capital to expand the scope of guarantees granted to micro-enterprises. It is worth noting that Egypt recently assumed the co-chairmanship of the OECD's Middle East and North Africa (MENA) Initiative on Governance and Competitiveness for Development for the period 2026-2030, alongside Italy and Turkey. During her participation in the OECD Ministerial Council meetings in Paris earlier this June, H.E. Dr. Rania Al-Mashat met with Mr. Mathias Cormann, the OECD Secretary-General, to discuss ways to enhance cooperation between the two sides and follow up on the implementation of the Country Programme. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
Egypt Today
19-06-2025
- Politics
- Egypt Today
PM Madbouly follows up on funding of ‘Haya Karima' initiative projects
CAIRO -19 June 2025: Prime Minister Mostafa Madbouly chaired a meeting on Thursday to review the funding status of projects under the presidential 'Haya Karima', Decent Life initiative. The meeting was attended by Minister of Planning, Economic Development and International Cooperation Rania Al-Mashat, Minister of Housing, Utilities and Urban Communities Sherif El-Sherbiny and several other senior officials. Cabinet Spokesperson Mohamed el Homsany said Madbouli closely followed up on the funding developments for the first phase of the initiative, which is set to conclude soon. He reaffirmed ongoing coordination with relevant ministers and authorities to monitor the implementation of the initiative as one of the country's most significant presidential development programs that aims to improve the living standards of millions of rural citizens through the provision of modern infrastructure, integrated social services, and sustainable job opportunities. The meeting also reviewed progress on projects in the first phase and preparations for the launch of the second phase of the initiative. The discussions included an overview of investment allocations for key national programs, including the 'Building the Egyptian Citizen' program and targeted investment in Upper Egypt. The meeting also addressed improvements in public service indicators such as sanitation, drinking water, natural gas, and high-speed internet access in villages covered by the initiative's first phase.
Egypt Today
19-06-2025
- Business
- Egypt Today
Egypt 'platform' for int'l cooperation amid regional, global uncertainty: Al-Mashat
Minister Rania Al-Mashat CAIRO - 19 June 2025 — Minister of Planning, Economic Development and International Cooperation, Rania Al-Mashat said that Egypt continues to position itself as a platform for international cooperation and investment, even amid global and regional headwinds. 'This report is being released at a time of rising uncertainty, even more than when it was drafted,' Al-Mashat said during her speech at the launch of the UNCTAD World Investment Report 2025 in Cairo. 'Yet, despite this challenging backdrop, there are silver linings, particularly in Africa, and in Egypt's case, projects such as Ras El-Hekma reflect both direct investment and debt-swaps, which the report examines in detail,' she added. She noted that the report also echoes recent global calls to mobilize more financing for the private sector; a theme aligned with Egypt's national priorities and recent efforts to encourage private-sector engagement in development. Referring to Egypt's recent hosting of the Development Finance to Foster Private Sector-Led Growth & Jobs conference, Al-Mashat said the country serves as an example of how multilateral development partners can work together to support investment and development agendas. She also touched on broader issues raised in the report, including developments in East Asia's green transition and the importance of international experience-sharing through South–South and triangular cooperation. She emphasized the importance of including all countries in global transformations, especially in areas such as digital infrastructure and artificial intelligence. 'The digital divide is no longer just about access to infrastructure, it now includes AI,' she said. 'Without inclusive approaches, we risk leaving countries behind.' Al-Mashat concluded by underscoring Egypt's role as a consistent host of international events focused on investment and development. 'We began this week with strong messages from global institutions on concessional finance and private-sector investment in Egypt, and we're ending it with another important global partner launching a major report from Cairo.'
Middle East
15-06-2025
- Business
- Middle East
OPEN// PM: Egypt's economy shows resilience amid regional challenges
CAIRO, June 15 (MENA) - Prime Minister Moustafa Madbouli on Sunday said that despite geopolitical and economic challenges in the region and globally, the Egyptian economy has proven its ability to withstand and adapt. Madbouli was addressing the "Development Finance to Foster Private Sector-Led Growth & Jobs" conference, organized by the Ministry of Planning, Economic Development and International Cooperation in the New Administrative Capital. The event was attended by a galaxy of ministers, ambassadors, and representatives from development partners, the European Union in Egypt, international institutions, and private sector companies. The premier highlighted Egypt's recent economic achievements, including the growth of the GDP by 4.3% in Q2 of the current fiscal year, the increase in the flow of foreign direct investments as well as the rise in non-oil exports by 33% in the first nine months of the fiscal year. The unemployment rate has fallen to 6.3%, while the fiscal deficit declined to 6.5%, Madbouli said, adding that the public debt is expected to decrease to 85–87% of the GDP. The private sector is the primary engine of economic growth, generating over 80% of job opportunities and contributing around 70% of GDP, Madbouli said. He highlighted government's efforts to create a favorable environment for private investment through upgrading the infrastructure, injecting massive public investment in roads, railways, ports, energy, and airports along with launching the State Ownership Policy Document to create a more transparent and competitive market. In order to regulate public expenditure, the government has capped public investments to focus on projects over 70% complete and enacted the 2024 Competition Protection Law to curb monopolies and enhance fair business practices, the premier said. The government has also introduced the Golden License to fast-track project approvals, restructured the tax system, updated legislation, and streamlined non-tax financial burdens, Madbouli said. Madbouli emphasized that structural reforms, which were designed in partnership with international financial institutions, were critical to achieving Egypt's economic progress, enhancing macroeconomic stability and promoting green transition. He added that development finance for the private sector has reached $4.2 billion in 2024, surpassing public sector development finance for the first time, with a total of $15.6 billion mobilized since 2020. (MENA) A A E/R E E
Egypt Today
15-06-2025
- Business
- Egypt Today
Egypt Secures Spot in $1B Climate Investment Program: PlanningMin
Cairo – June 15, 2025: Egypt has been selected as one of only seven countries worldwide to benefit from the Climate Investment Funds' (CIF) $1 billion Industrial Decarbonization Program, aimed at reducing emissions in developing nations' industrial sectors. The announcement was made by Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, who emphasized that the selection from a competitive pool of 26 applicant countries underscores international confidence in Egypt's climate policies and green transformation agenda. The initiative, launched under the CIF's Clean Technology Fund (CTF), is the first of its kind to focus exclusively on industrial decarbonization in emerging markets. Egypt joins Brazil, Mexico, Namibia, South Africa, Turkey, and Uzbekistan as the first recipients of support from the program. According to Al-Mashat, Egypt's proposal was submitted in partnership with key international financial institutions, including the European Bank for Reconstruction and Development (EBRD), the World Bank, the International Finance Corporation (IFC), and the African Development Bank (AfDB). The submission highlighted Egypt's strategic shift toward a green economy, institutional readiness, and the engagement of private sector actors in climate financing. 'This achievement affirms global trust in Egypt's vision and efforts to align national development strategies with climate goals,' Al-Mashat stated. 'We are committed to strengthening our institutional capacity and promoting investment policies that foster environmental sustainability and economic competitiveness.' The CIF noted that the seven selected countries were chosen based on an independent evaluation. The program aims to accelerate the transition to low-emission industrial systems, spur green job creation, and position participating countries to capitalize on a growing global market for environmentally sustainable goods—projected to reach $2 trillion by 2030. Al-Mashat also pointed to Egypt's heightened climate action momentum since hosting the COP27 summit in Sharm El Sheikh in 2022. During the summit, Egypt launched the 'NWFE' (Nexus of Water, Food, and Energy) country platform, an internationally recognized model that seeks to drive climate investment through partnerships involving the government, development agencies, and the private sector. In addition to the decarbonization initiative, Egypt was previously recognized by the CIF during COP27 as the top-ranked country in the North Africa and Europe region under the 'Nature, People, and Climate Investment' program—a separate $500 million initiative supporting projects in climate-smart agriculture, coastal restoration, and inclusive green development. Ongoing technical discussions are being held to leverage that funding within the NWFE framework. Tariye Gbadegesin, CEO of CIF, underscored the urgency of industrial decarbonization, particularly in emerging economies. 'The global race to decarbonize the industrial sector has begun, and emerging markets are leading the way,' she said. 'This is not just about emissions; it's about ensuring long-term prosperity, generating jobs, and producing the low-carbon materials essential to scaling renewable energy and powering the global economy.' Under the program, the selected countries will develop detailed investment plans in collaboration with multilateral development banks and private sector partners. Once approved by the CIF board, these plans will unlock access to highly concessional financing to scale up technologies like green hydrogen and low-carbon industrial processes. The CIF's Clean Technology Fund, valued at $9 billion, employs a groundbreaking private capital mobilization mechanism—one that reportedly generates $12 in additional investment for every $1 of CTF funding—making it a key tool for driving large-scale sustainable development.
