Dr. Rania A. Al-Mashat’s Speech at 10th RiseUp Summit in 2023

The Minister of International Cooperation H.E. Dr. Rania A. Al-Mashat said that the relations of Egypt with development partners are based on three main factors: inclusivity, digital transformation, and green transition. H.E. noted that these are three main factors that also determine the direction of startups and the global economy in the pursuit of inclusive and sustainable growth and recovery.

This came during the participation of H.E. Al-Mashat’s discussion with Founder and CEO of RiseUp Summit Abdelhameed Sharara at the event’s 10th edition, held in the Grand Egyptian Museum.

The Minister applauded the summit’s 10th edition as a gathering of startups, given the vital role these companies play in driving economic growth and finding innovative solutions to the challenges facing development efforts, adding that the idea of sustainability has become a key part of the strategies of countries and institutions and also governs relations with multilateral and bilateral development partners.

Al-Mashat added that many multilateral and bilateral development partners contribute to supporting startups, through technical support and efficiency mechanisms, as well as financial support either through direct or indirect investments or through grants and other financing instruments. H.E. explained that the Ministry of International Cooperation is coordinating with development partners and the private sector to consolidate efforts and enhance directed support through international partnerships for startups in various fields.

The Minister pointed out that in light of Egypt's COP27 presidency and the government's efforts to stimulate the green transition, startups are in demand for more ideas that stimulate the transition to a green economy and promote environmental sustainability.

Moreover, H.E. referred to the global ClimaTech Run initiative at COP27, putting startups in both emerging technology and digital art at the forefront of the climate conference, in partnership with relevant stakeholders, including the USAID, the Afreximbank, the World Food Programme, the United Nations Development Programme (UNDP) and the United Nations Population Fund (UNFPA), alongside private sector companies and major technology companies such as Google and Microsoft, and in collaboration with the United Nations Industrial Development Organization (UNIDO), AfricaLabs, Startups, and the Youth Entrepreneurs Network.

The Minister also touched upon the launch of the UN-JTDI Initiative, with the participation of representatives of 18 United Nations agencies and 9 ministries, which aims to enhance cooperation between national bodies and UN agencies operating in Egypt, by holding a number of workshops to formulate non-standard and innovative government projects that are technology-based, innovative, state-of-the-art and capable of attracting funding from development partners. The workshop also aims at establishing close partnerships between national entities and UN agencies in order to achieve the objectives of the 2023-2027 United Nations Sustainable Development Cooperation Framework (UNSDCF).

H.E. also spoke about Egypt Ventures, saying that it is the first venture capital with development partners, to support the startup environment in Egypt. Since its establishment in 2017, the company has invested more than 383 million pounds in more than 197 startups; of which 222.2 million pounds are direct investments and 166.3 million pounds are indirect investments. The company also invests in business accelerators Falak Startups and Flat6Labs, which have invested in several startups and supported their growth capacity, as well as the Fintech EFG Fintech business accelerator launched in partnership with EFG HERMES.