Egypt, Afreximbank discuss expanding partnership to support startups

Egypt is deepening its strategic partnership with the African Export-Import Bank (Afreximbank) to bolster its startup ecosystem and foster regional economic growth. Minister of Planning and Economic Development Ahmed Rostom held talks with Afreximbank Executive Vice President Haytham al-Maayergi in Cairo, focusing on expanding cooperation in key areas. The discussions highlighted the pivotal role the partnership plays in promoting regional integration, supporting intra-African trade, and increasing investment in digital solutions and cross-border payment infrastructure. Rostom emphasized the government's keenness to enhance collaboration with Afreximbank, particularly in supporting startups, developing small and medium-sized enterprises, and expanding the presence of Egyptian companies across African markets. The meeting also touched upon ongoing coordination with the Central Bank of Egypt to support development efforts, citing the recent establishment of a Gold Bank as a successful model for strengthening the continent's economic capabilities. Further discussions explored cooperation in implementing Egypt's national entrepreneurship and innovation support framework, which includes improving access to finance, facilitating business expansion, and strengthening policy coordination. Rostom affirmed the government's full support for the entrepreneurship ecosystem and stressed the importance of aligning cooperation priorities with national initiatives. Plans to establish a fund of funds to finance entrepreneurship in Egypt and aid startups in their regional and international expansion were also advanced. The talks included exploring venture capital investment, supporting startup listings and initial public offerings, and leveraging flexible regulatory and financial tools for regional expansion. Additionally, opportunities to utilize a dedicated fund for promising SMEs in cooperation with NI Capital were reviewed to support companies targeting external markets. The Egypt Entrepreneurship Center and Afreximbank also discussed strengthening their collaboration to support the center's programs and enhance its capacity for innovation-support activities.

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The partnership between Egypt and Afreximbank plays a pivotal role in promoting regional integration across Africa, supporting intra-African trade, expanding economic partnerships, and increasing investment in digital solutions and cross-border payment infrastructure.