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Egypt’s US$1 billion portfolio in entrepreneurship and innovatioon

Minister Rania

According to Minister Rania Al-Mashat, Egypt’s Minister of International Cooperation, her ministry’s portfolio covers innovation, digitization, and entrepreneurship in 34 projects that cumulatively exceed $1 billion.

She made the disclosure while announcing a partnership between the International Finance Corporation (IFC) while Egypt’s Fintech Association expressed intent to promote entrepreneurship in fintech to promote growth in the private sector.

Al-Mashat revealed that the projects contribute to 13 SDGs which account for 4% of the country’s Official Development Assistance (ODA) portfolio. The partnership between IFC and Egypt’s Fintech Association is backed by the Dutch government. This collaboration is part of their development portfolio supporting innovation and entrepreneurship across Egypt, the Middle East, and the rest of North Africa.

Rania A. Al-Mashat praised the new cooperation between IFC and the Egyptian FinTech Association in its efforts to bolster bilateral and multilateral relations among partners and stakeholders. IFC helps Egypt’s FinTech Association stimulate and advance the fintech sector through the promotion of knowledge sharing with the intent to promote political dialogue given the importance of technological innovation in financial inclusion.

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