“International Cooperation”: Working on coordinating efforts to provide more support for startups

Dr. Rania Al-Mashat, Minister of International Cooperation, stated that the relations of the Arab Republic of Egypt with development partners are based on three main factors: inclusiveness for all groups, empowering women and youth, digital transformation, sustainability, and the green transition. She pointed out that these three main factors also govern the direction of startups and the global economy in the pursuit of achieving comprehensive and sustainable growth and recovery. This came during the participation of the Minister of International Cooperation in the “Rise Up 2023” summit for startups at the Grand Egyptian Museum, which is held for the tenth consecutive year. The Minister of International Cooperation praised the “Rise Up” summit, which is held for the tenth year and is a gathering of startups, given the vital role that these companies play in promoting economic growth and finding innovative solutions to the challenges facing development efforts. She added that the concept of sustainability has become a major part of the strategies of countries and institutions and also governs the relations with multi-party and bilateral development partners. She added that many multi-party and bilateral development partners contribute to venture capital funds that invest in startups, as well as other contributions made by development partners such as technical support and mechanisms to enhance the efficiency of companies, in addition to financial support, whether through direct or indirect investments, or through grants and other financial tools. She explained that the Ministry of International Cooperation is coordinating with development partners and the private sector to unify efforts and enhance targeted support through international partnerships for startups in various fields. The Minister of International Cooperation also pointed out that with Egypt hosting and chairing the COP27 climate conference and the efforts the government is making to stimulate the green transition, startups are required to come up with more ideas that encourage the transition to a green economy and enhance environmental sustainability. She noted that the Ministry of International Cooperation launched during the climate conference one of the largest international competitions in the field of startups, Climatech Run, to encourage technological companies working in the field of combating climate change, with the participation of hundreds of companies from around the world. She explained that the initiative put startups, whether in the emerging technology or digital art fields, at the forefront of interest during the climate conference, in partnership with relevant parties including the US Agency for International Development, the African Export-Import Bank, the World Food Program, the United Nations Development Program, and the United Nations Population Fund, in addition to private sector companies and major technology companies such as Google and Microsoft, in cooperation with the United Nations Industrial Development Organization, AfriLabs, Volta Ventures, and the Young Entrepreneurs Network. She also discussed the launch of the Ministry’s initiative of the United Nations Joint Task Force on Technology and Innovation, with the participation of representatives of 18 United Nations agencies and 9 ministries, aimed at enhancing cooperation between national bodies and United Nations agencies operating in Egypt, through holding a number of workshops to formulate non-traditional and innovative government projects based on technology, characterized by innovation and based on the latest technologies, and capable of attracting financing from development partners. The workshop also aims to establish close partnerships between national bodies and United Nations agencies in order to achieve the goals of the United Nations Partnership Framework for Sustainable Development for the period 2023-2027, in addition to exchanging best international practices for building on them. She also spoke about the Egypt Ventures company for entrepreneurship and investment, saying that it is the first government-owned company with the participation of development partners working in the field of venture capital, to support the startup environment in Egypt. She explained that since its establishment in 2017, the company has invested more than 383 million pounds in more than 197 startups, including 222.2 million pounds in direct investments and 166.3 million pounds in indirect investments. The company also invests in the Falak Startups and Flat6Labs accelerators, which have invested in many startups and supported their ability to grow, in addition to the Fintech EFG EV business accelerator, which was launched in partnership with EFG Hermes. The Minister of International Cooperation also offered advice to companies and young participants in the “Rise Up” summit, emphasizing that the world has been facing successive challenges since 2020, and the most important thing that startups and individuals must possess to face these challenges is flexibility and the ability to adapt to changes.