(MENAFN- Daily News Egypt) Egypt's Ministry of Planning, Economic Development, and International Cooperation hosted a“Business Roundtable for Innovation, Development & government Engagement” (BRIDGE) session, bringing together representatives from the private sector, export councils, and business associations with key UK funding institutions.
The event, the second in the BRIDGE dialogue series, aimed to connect private sector companies with opportunities to enhance trade and investment with the United Kingdom. It also presented key financial mechanisms and initiatives from participating institutions, including the UK's British International Investment (BII) agency and UK Export Finance.
Egypt's Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat explained that the BRIDGE series is designed to strengthen the private sector's role in Egypt's economic development. This includes showcasing investment opportunities in priority sectors, promoting integration between government investment plans and development partner programs, and encouraging public-private partnerships.
Al-Mashat emphasized the importance of the private sector as a key driver of development and highlighted the Egyptian government's commitment to creating an investment-friendly environment. She noted that the government's strategy focuses on investment, empowering the private sector, and building a competitive economy capable of attracting investment. This also includes focusing on governance and improving the efficiency of investment spending.
She also stressed the importance of partnerships between international institutions and the private sector in bridging development gaps.
Tamer Taha, Advisor to the Minister for Innovation and Entrepreneurship and Head of the Private Sector Engagement Unit at the Ministry, presented the“Hub for Advisory, Finance and Investment for Enterprises” (HAFIZ). The platform was launched to close the information gap and enhance the private sector's ability to benefit from international development partners. It includes nearly 85 services, both financial and consultative, provided by 40 development partners and is updated regularly. It targets large, medium, small, and emerging private sector companies.
Sherine Shahdy, Regional Director of the British International Investment (BII) agency, explained that the institution has been investing for nearly 75 years in various markets in Africa and Southeast Asia. She noted that Egypt serves as the regional hub for North Africa and that the institution invests either directly by taking equity stakes or through financing, similar to international finance institutions. She highlighted that direct investment relies on increasing capital to ensure that funding supports economic growth for companies, often through long-term financing.
Shahdy added that the institution's investments across all markets amount to $10.5bn, with annual investments ranging from $1.5bn to $2bn globally. In Egypt, the institution's investments total approximately $850m in more than 70 companies, creating over 91,000 job opportunities across various sectors. She stressed the collaboration between the institution and the private sector in Egypt to support growth plans that align with the Egyptian government's efforts to open up space for private sector investment while simultaneously meeting international development goals.
Mohamed Saad, Head of the UK Export Finance Office for Egypt and Algeria, presented the activities of the UK Export Finance agency in Egypt and the region. He explained how the agency supports companies in enhancing their export capabilities through accessible and long-term financing mechanisms and guarantees. He highlighted the agency's role in strengthening relationships between UK businesses and the private sector in Egypt and its collaboration with banks and financial institutions to arrange joint financing. He confirmed the agency's openness to strengthening its relationships with companies in Egypt, citing the successful partnerships it has already facilitated, including its support for the Cairo Monorail project.
In a separate discussion, representatives of the British Embassy pointed out that the trade exchange between Egypt and the United Kingdom amounted to £4.8bn last year, with the UK remaining one of Egypt's largest foreign investors, particularly in sectors such as transport, water, and infrastructure.
The Embassy also highlighted its efforts to support trade and investment between the two countries, helping Egyptian and British companies expand their commercial networks and achieve sustainable growth through business events.
Additionally, the British Embassy showcased its initiatives to support climate change financing, including the Climate Finance Facility, which provides technical and financial support for low-carbon projects in Egypt to promote the green transition.
The meeting featured constructive discussions between private sector representatives about the available financial, investment, and trade opportunities provided by international financial institutions, as well as the services offered through the“HAFIZ” platform for financial and technical support to the private sector.
A large and diverse group of companies participated in the meeting, representing various developmental sectors such as telecommunications, information technology, education, waste recycling, engineering industries, business consulting, chemicals, electronics, and other fields.
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