Written by: Mohamed Ragab
Dr. Ahmed Rostom, Minister of Planning and Economic Development, discussed with Haitham Al-Maayirji, Vice President of the African Export-Import Bank (Afreximbank), ways to enhance joint cooperation in supporting startups, developing the entrepreneurship environment, and promoting comprehensive development efforts and economic integration within the African continent.
This meeting comes within the framework of the strategic partnership between Egypt and the bank, which aims to expand cooperation in the areas of investment, intra-regional trade, and digital financial infrastructure, in support of sustainable development plans in the continent.
Supporting entrepreneurship and promoting African integration
During the meeting, the Minister of Planning and Economic Development stressed the importance of the partnership with Afreximbank in supporting African integration pathways, noting that cooperation with the bank represents a fundamental pillar for enhancing intra-African trade and expanding the scope of economic partnerships, especially in value-added sectors.
The minister explained that the Egyptian government pays great attention to the issue of startups, as it is one of the main drivers of economic growth, with a focus on enabling these companies to access African markets and enhancing their competitiveness regionally and internationally.
A new phase of collaboration in innovation and financing
The two sides discussed prospects for cooperation in supporting innovation and entrepreneurship, through developing more flexible financing mechanisms, facilitating expansion and exit processes for startups, as well as improving the investment environment in this vital sector.
The importance of aligning policies that support entrepreneurship between national and regional institutions was also emphasized, in order to create an environment conducive to sustainable growth and to enhance the role of the private sector in driving development.
Establishing a fund to support startups
The meeting addressed the ongoing coordination to establish a “fund of funds” dedicated to financing entrepreneurship in Egypt, with the aim of enhancing the ability of startups to grow and expand regionally and internationally, by providing innovative and sustainable financing tools.
The use of the fund directed towards promising projects was also discussed, in cooperation with «NI Capital», which would allow support for small and medium-sized companies with expansion potential in foreign markets.
Strengthening the infrastructure for payments and intra-regional trade
The meeting also discussed ways to develop the infrastructure for digital payments between African countries, which would contribute to facilitating trade and investment, and reducing the challenges associated with cross-border financial transactions.
Those present stressed that promoting digital solutions is one of the key elements for accelerating African economic integration and achieving a qualitative leap in the volume of trade between the countries of the continent.
A strategic partnership for a more inclusive economic future
The meeting concluded by emphasizing the importance of continued coordination between the Ministry of Planning and Economic Development and Afreximbank, along with the Egypt Center for Entrepreneurship, to support programs and initiatives aimed at promoting innovation, increasing funding opportunities, and enabling startups to expand in the next phase.
