Earlier today, the Egyptian Ministry of International Cooperation, headed by Dr. Rania Al-Mashat introduced the “Hafiz” platform for financial and technical support for the private sector in the implementation of the economic conference’s recommendations in 2022.
The decision came at a conference that the Ministry of International Cooperation hosted today in the New Administrative Capital. Heads and representatives of bilateral and multilateral development partners attended.
The conference took place in light of the Ministry of International Cooperation’s role, which is to coordinate efforts between the public and private sectors, development partners, and the government to implement more effective development partnerships that achieve sustainable and all-encompassing growth and advance the state’s vision of raising the private sector’s economic activity to 65% within three years.
In order to improve communication and linking between various private sector companies, whether large companies, small, medium, and micro companies, emerging companies, investment funds, or local financial institutions, the platform links development partners, agencies, the government, and the local business community. This allows the companies to benefit from development financing, technical support, and consultations.
Additionally, by bridging the information gap and giving the private sector access to a comprehensive list of advisory services, technical support, and financing offered by development partners, the platform for financial and technical support for the private sector works to improve the competitiveness of businesses of all kinds by enhancing their ability to access international markets, obtain creative financing, and maximize partnerships.
“Hafiz” reduces the information gap, overcomes the language barrier that keeps businesses from using development partners for many services, and provides information about the best non-financial and financial solutions out there.
Al-Mashat clarified that the establishment of the Hafiz platform, which provides financial and technical assistance to the private sector, is a response to the suggestions made during the Egyptian government-hosted Egypt Economic Conference 2022.
