BY ingy ashraf
Egypt’s Ministry of International Cooperation has launched “Hafiz,” a cutting-edge portal that connects the private sector to 75 financial and non-financial services from 20 development partners. This project intends to empower entrepreneurs and foster economic growth, in line with the proposals of the 2022 Egypt Economic Conference.
Platform connects development partners and private sector to boost the impact of financial and technical support.
The Hafiz platform fills the knowledge gap by introducing the private sector to the different services and finance options available from partners in development.
Al-Mashat: Several workshops were held with development partners over the course of a year to prepare for the Hafiz platform and learn about the needs of the private firm.
Hafiz gives businesses a competitive edge, access to innovative funding, and international partnerships.
The platform has been upgraded using artificial intelligence to make it easier to use and to give an interactive experience for communicating with diverse private-sector entities.
The Ministry of International Cooperation has established the “Hafiz” platform, which builds on the recommendations of the 2022 Economic Conference and aligns with the government’s goal of collecting creative funding. This digital platform enables the private sector by connecting it with prospects for financial and technical assistance from international financial institutions and development partners. (https://privatesector.moic.gov.eg/).
The platform connects development partners, agencies, the government, and the local business community in order to improve communication and linking among various private sector companies, whether large, small, medium, or micro, emerging companies, investment funds, or local financial institutions, in order to benefit from development financing, technical assistance, and consultations.
The Ministry of International Cooperation hosted a conference today, Sunday, in the New Administrative Capital. The event brought together leaders and representatives from multilateral and bilateral development partners to discuss strengthening development partnerships. This aligns with the Ministry’s critical role in coordinating collaboration between development partners, the government, and the private sector. The goal is to create more effective partnerships that drive comprehensive and sustainable economic growth. This includes ambitious plans to increase the private sector’s contribution to national economic activity to 65% within three years.
The Hafiz platform for private sector support is designed to empower enterprises of all sizes by allowing access to international markets, innovative finance, and important collaborations. This is accomplished by bridging the knowledge gap and offering a complete list of advisory services, technical help, and funding options provided by development partners. Hafiz not only makes information more accessible, but it also addresses language barriers, guaranteeing that businesses can choose the best financial and non-financial solutions to fuel their success.
H.E. Dr. Rania Al-Mashat, Minister of International Cooperation, explained that the launch of the Hafiz platform for financial and technical support for the private sector is part of the Egyptian government’s implementation of the recommendations of the Egypt Economic Conference 2022.
Through extensive research and collaboration, the Ministry of International Cooperation developed the “Hafiz” platform to bridge the gap between Egyptian private sector companies and international development partners.
Rania Al-Mashat explained that multilateral and bilateral development partners have provided financing to the private sector in the form of development financing, contributions, and investments totaling $10.3 billion from 2020 to 2023, in addition to advisory services and technical support, and that providing this platform would work to open new channels of communication between the private sector and development partners while maximizing the benefits of comparative advantage.
Minister Rania Al-Mashat emphasized the importance of international and bilateral development partners to Egypt’s private sector. These partners contributed $10.3 billion in funding between 2020 and 2023 through development financing, contributions, and investments, as well as valuable consulting services and technical support. The Hafiz platform extends on this solid base by opening up additional channels of collaboration and exploiting the particular characteristics of each development partner. As a result, the private sector will be better able to profit from these collaborations and promote greater economic growth.
The Hafiz private sector assistance platform is built on successful relationships between businesses and development partners. It connects businesses to a variety of financial and non-financial services, such as direct investment, loans, grants, insurance, risk management tools, commercial financing, technical help, training programs, and consultancy services. Furthermore, the site enables access to tenders as well as opportunities to collaborate or contract with various companies.
According to the Ministry of International Cooperation’s 2023 annual report, titled “International Partnerships for Sustainable Development: Platforms for Policy and Practice,” multilateral and bilateral development partners aimed $10.3 billion in development financing to the private sector between 2020 and 2023.
To explore with leveraging the Hafiz platform to provide financial and technical assistance to the private sector.
https://privatesector.moic.gov.eg/
