International Cooperation Minister Rania al-Mashat said Egypt is one of the important markets for startups.
Speaking at a conference organized by the European Bank for Reconstruction and Development (EBRD) on Tuesday to launch the Transition Report 2021-22, the minister said her ministry’s portfolio includes 36 projects in the field of digitalisation and entrepreneurship, with a development funding of $1 billion.
The Transition Report indicated that the least developed economies can develop their export-oriented industries, the minister said.
The report also covered the Egyptian economy and investments in the field of infrastructure and transport, including dry port projects, the minister added.
It also shed light on reforms carried out by Egypt in the technology domain and lauded corporate governance standards that qualified the country to face many challenges caused by the global outbreak of COVID-19, the minister further noted.
According to the report, key priorities for 2022 in Egypt include the following : “Implementing the recently adopted medium-term revenue and debt strategies which is essential to put debt on a sustainable, declining path. This would lower the risks arising from high financing needs, notably the external part, and would create space for more productive spending on health and education.
“Reforms to the role of the state in the economy which would support competition and create a level playing field for private enterprises. There is a need to develop a transparent state ownership policy and governance framework, and the state’s role as regulator needs to be separated from that of operator to resolve potential conflicts of interest.
“Integration into global value chains should be stepped up. There is a need for a master plan for logistics, as well as for upgrading infrastructure and transport for better integration with other African economies. Reforms to customs and ports, including the use of automation, would facilitate and expedite exports.”
The Transition Report 2021-22 explores how economies in the EBRD regions can deliver the digital dividend, both during the Covid-19 pandemic and beyond. Building on rich sources of data, it introduces a new index of digital transformation and highlights digital divides across and within countries.
