The past week witnessed an intense and diversified activity of the Ministry of International Cooperation, from August 20 until today, represented in a round of consultations with the European Investment Bank delegation to the “Noufi” program for financing and investment in green projects in the energy, food and water sector, visiting Egypt from 17-21 August. The current meeting, to discuss the “Noufy” program for financing and investment in climate projects, according to an integrated approach between the water, food and energy sectors, which was led by dr. Rania Al-Mashat, Minister of International Cooperation, introduced during the joint coordination cooperation platform held in early July with the Group of Development Partners led by the United Nations and the German Embassy with the participation of All representatives of multilateral and bilateral development partners.
This is part of the country’s efforts to transition to a green economy, implement the National Climate Change Strategy 2050 and support the country’s development vision 2030. The program also reflects the goals of the COP27 climate summit, which Egypt is trying to achieve through its presidency, which is to move from climate pledges to implementation and take concrete measures to support transformation efforts to the green economy.
On the other hand, Minister of International Cooperation, Dr. Rania Al-Mashat, witnessed the acquisition of a 100% stake by the “Value” company, “Buy Now and Pay Later” (BNPL), a 100% stake in Paynas, which specializes in employee management services, which provides a range of financial services for small companies. Micro, medium and medium enterprises (MSME), PayNas is one of the list of companies supported by Egypt Entrepreneurship and Investment Company through its subsidiary accelerator (EFG- EV Fintech) – owned by the company in partnership with EFG Hermes Holding.
It highlighted the importance of this transaction, which highlights the continued growth and investment opportunities available in the emerging companies and financial services technology sector in Egypt, and the development that Egypt sees as a leading regional market in this area, given its holdings of various ingredients represented in innovative youth and economic opportunities, as well as the efforts made by the government and the private sector to create and facilitate the work environment for start-ups, in a way that encourages the participation of the private sector in development stimulate
This agreement and its reflection on the success of the investments made by the “Egypt Entrepreneurship and Investment” company – the first venture capital company with a state shareholding – since its launch in 2017, as well as its subsidiary accelerator (EFG-EV Fintech) – owned by the company in partnership with EFG Hermes Holding To support the growth of emerging companies and improve their ability to expand in the Egyptian market and to make an effort in line with the plans implemented by the state is to expand the scope of digital transformation and increase the percentage of financial inclusion and pave the way for entrepreneurs and emerging companies to play their role in achieving development in the Egyptian market.
** Preparations for COP27 climate summit
The Ministries of International Cooperation, Environment, Communication and Information Technology have announced the launch of the International Climatech Run 2022 competition, targeting emerging companies working in the field of climate technology from the African continent and around the world, with the aim to stimulate and encourage innovative and sustainable digital and technological solutions to promote climate action, and face its economic consequences and its social consequences.
Within the framework of the preparations made by the Egyptian state to preside and organize the COP27 climate summit and the efforts made to involve all relevant parties in promoting climate action, and encouraging innovative ideas and sustainable solutions, the ministries of international cooperation, environment, communication and information technology announce the launch of the International Climatech Run 2022 competition, targeting emerging companies working in the field of climate technology from the African continent and around the world, with the aim to stimulate and encourage innovative and sustainable digital and technological solutions. promote climate action, and face the resulting economic and social repercussions.
The International Climatech Run 2022 competition is an example of constructive partnerships between the government, development partners, the private sector and large technology companies, in order to open up prospects for climate action for start-ups, as the competition is implemented in partnership with the US agency for start-ups become International Development, the World Food Programme, the United Nations Development Program and the Bank. The African export-import “Afrixim Bank”, Google, the United Nations Population Fund, the United Nations Industrial Development Organization, Microsoft Corporation, and among the accelerators FalakStartApps, Entrepreneur Network, AfriLabs and many other partners.
The competition comes in response to the global call for the need to address climate change and innovative sustainable solutions aimed at preserving the environment and giving priority to environmentally friendly technologies that support solutions for adaptation and mitigating the repercussions of climate change. To contribute with their solutions to provide sustainable and innovative mechanisms to deal with climate change and to raise awareness of its seriousness and how to face the economic and social challenges it causes. The second track targets specialists on the field of digital art.
The Minister of the Environment explained that the phenomenon of the climate challenge has become a reality recognized worldwide after the clear consecutive effects on the planet, which require rapid action by all, and on the way to the upcoming COP27 climate conference, which Egypt as host will present. an implementation conference and the Egyptian presidency’s vision of it as a path to a just and ambitious transition. Which means the translation of this path to ambitious implementation, through the implementation of urgent measures on the ground and how to implement them, and ambition, which means raising the level of our aspirations, which cannot be done without the power of voices calling to address climate change, and in the Sharm El Sheikh climate conference, the voices of young entrepreneurs will be among the entrepreneurs. Owners of new businesses that can provide innovations in climate technology are a driving force.
** Conditions to apply for beginners
The competition opened its doors for startups in the field of climate technology to apply on August 22, 2022, and continues to receive ideas and advanced companies for one month, after which a number of events and seminars are held with all applicants from around the world to launch the initiative, before selecting the qualified companies, to the final stages. The second phase of the international competition begins during the COP27 climate summit, where the qualified companies will have the opportunity to present their ideas and participate in the activities that will be implemented during the climate conference in front of the various participating parties of governments, the private sector and development partners.
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