Egypt’s portfolio in innovation, entrepreneurship records $1B

SourceEgypt Today
SectorFinancial Markets

Egypt’s Ministry of International Cooperation portfolio in innovation, digitalization and entrepreneurship stands at $1 billion, through 34 projects, according to Minister Rania Al-Mashat.

Al-Mashat said during the announcement of a partnership between International Finance Corporation (IFC) and Egyptian Fintech Association that the Ministry of International Cooperation is seeking, through international partnerships, to support innovation and entrepreneurship initiatives, achieving the UN SDGs.

The Minister of International Cooperation clarified that these projects contribute to 13 SDGS.

She reiterated the Egyptian economy’s opportunity to develop labor market mechanisms in light of the rise of innovators and entrepreneurs in the FinTech sector.

According to Previous statement, these projects represent 4 percent of Egypt’s official development assistance (ODA) portfolio.

Earlier on Thursday, The International Finance Corporation (IFC), a member of the World Bank Group, and the Egyptian FinTech Association announced their partnership to stimulate entrepreneurship in the field of financial technology (FinTech), in order to stimulate more...