Egypt and Afreximbank Expand Partnership to Support Startups and Entrepreneurship
Egypt's Ministry of Planning and Economic Development and Afreximbank have discussed expanding cooperation to strengthen the country's startup ecosystem, improve access to finance, establish a national Fund of Funds, and help Egyptian companies expand across African markets.
English Translation
Egypt's Minister of Planning and Economic Development, Dr. Ahmed Rostom, met with Haytham El Maayergi, Executive Vice President of the African Export-Import Bank (Afreximbank), to discuss expanding cooperation in support of startups, entrepreneurship, and the international growth of Egyptian companies across African markets.
The meeting was attended by Amr El Abd, Advisor to the Prime Minister for Entrepreneurship, Dr. Heba Zaki, Director of the Egypt Entrepreneurship Center, Mohamed Metwally, Managing Director of NI Capital, the investment arm of the National Investment Bank, along with senior officials from the Ministry of Planning and Economic Development.
Strategic Partnership to Strengthen African Integration
Dr. Rostom highlighted the importance of Egypt's strategic partnership with Afreximbank, emphasizing its role in promoting regional integration across Africa, expanding intra-African trade, strengthening economic partnerships, and increasing investment in digital solutions and payment infrastructure.
He stressed the government's commitment to deepening cooperation with the bank in priority areas, particularly startup development, entrepreneurship, small and medium-sized enterprises (SMEs), and enhancing the ability of Egyptian companies to expand into African markets.
The minister also praised the ongoing coordination between Afreximbank and the Central Bank of Egypt, which recently resulted in the signing of a memorandum of understanding to establish Egypt's "Gold Bank," describing it as a successful example of continental economic cooperation.
Supporting Entrepreneurship and Improving Access to Finance
The two sides discussed opportunities to implement Egypt's national framework for entrepreneurship and innovation, including measures to support startups, improve the financing environment, facilitate business expansion and exits, and better align policies supporting the entrepreneurial ecosystem.
Dr. Rostom reaffirmed that entrepreneurship remains a key government priority, noting that the Ministerial Group for Entrepreneurship continues to introduce initiatives aimed at fostering innovation and creating new investment opportunities.
Coordination on a Fund of Funds
The minister also underscored the importance of continued coordination with Afreximbank to identify priority areas for cooperation while advancing plans to establish a national Fund of Funds dedicated to financing entrepreneurship in Egypt.
The initiative is intended to strengthen startups' ability to scale both regionally and internationally.
Discussions also covered cooperation in venture capital investment, supporting startup listings, and facilitating regional expansion through more flexible regulatory and financing mechanisms.
Cooperation with NI Capital
The meeting explored opportunities to leverage a dedicated investment fund targeting high-potential small and medium-sized enterprises in partnership with NI Capital.
The initiative aims to support Egyptian businesses with strong export potential and improve their competitiveness in international markets.
Participants also discussed cooperation between the Egypt Entrepreneurship Center and Afreximbank to strengthen entrepreneurship programs and innovation initiatives while preparing for the expected expansion of startup support activities in the coming years.