Introducing Hafiz: Empowering Egypt’s Private Sector through Comprehensive Support

The Egyptian Ministry of International Cooperation has announced the Hafiz platform, a comprehensive initiative aimed at providing financial and technical support to the private sector. The platform will offer a range of 75 services, both financial and non-financial, from 20 different development partners to businesses operating in Egypt.

The primary objective of the Hafiz platform is to establish strong connections between development partners, government agencies, and the local business community. By fostering effective communication and collaboration among these entities, the platform seeks to facilitate access to development financing, technical assistance, and consultations for various types of private sector companies.

The platform’s services will cater to a wide spectrum of businesses, including large enterprises, small and medium-sized enterprises (SMEs), micro-companies, emerging companies, investment funds, and local financial institutions. Through the Hafiz platform, these entities will be able to leverage financial resources, expertise, and guidance provided by development partners to support their growth and development.

The announcement regarding the launch of the Hafiz platform was made during a conference organized by the Ministry of International Cooperation in the New Administrative Capital on Sunday. Minister of International Cooperation, Rania Al-Mashat, highlighted that the platform’s establishment is a direct response to the recommendations put forth during the Egypt Economic Conference held in 2022.

She further emphasized that extensive workshops were conducted in collaboration with development partners over the past year to ensure that the Hafiz platform adequately addresses the private sector’s needs.

This initiative aligns with Egypt’s broader aspirations to significantly boost the private sector’s contribution to the country’s economic activity. The government aims to increase the sector’s share to 65 percent within the next three years, reflecting its commitment to fostering a conducive environment for private enterprise and investment.

Al-Mashat also revealed that multilateral and bilateral development partners have already disbursed a substantial amount of financing to the private sector. Between 2020 and 2023, these partners contributed a total of $10.3 billion in the form of development financing, investments, and contributions, underscoring the importance of collaboration between the public and private sectors in driving economic growth and development in Egypt.

Dr. Alaa ezz CEEBA secretary general highlighted that this initiative was requested during the Egypt Economic Conference few months ago, and it complements the CEEBA Meda Finance initiative. He further added that we will provide training and outreach to startups and SMEs through the various CEEBA ENI CBC Med projects as well as the 27 geographic chambers throughout Egypt.