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EBSOMED promoted during a meeting with bilateral and multilateral development partners in Egypt

EBSOMED promoted during a meeting with bilateral and multilateral development partners in Egypt


Dr. Rania Al-Mashat, Minister of International Cooperation, discussed with heads of Egyptian and bilateral BSOs the available opportunities to stimulate the role played by the private sector in the development efforts undertaken by the state, through international partnerships.

Minister Al Mashat highlighted that in light of the focus of many development partners, including the European Union, the International Finance Corporation and the European Bank for Reconstruction and Development, for providing development finance to BSOs and the private sector, as well as technical assistance to enhance the commitment of private sector to the SDG principles and standards, which reflects positively on the role of these companies within the framework of the state's development plans.

In this regards Minister Al Mashat proposed holding a meeting with bilateral and multilateral development partners to present the wish list of the BSOs based on a survey of the needs of their members to streamline new initiatives that are demand driven and contribute to the SDGs.

During the meeting, Dr. Alaa Ezz, Secretary General of the Confederation of Egyptian European Business Associations "CEEBA" highlighted the huge support provided by the Ministry, which is highly visible through the ongoing 13 EU funded ENI CBC Med and EU ENI EBSOMED regional projects implemented by CEEBA, ASCAME and BUSINESSMED which are building solid cooperation bridges across the Mediterranean between over 100 BSOs from the 38 Euro-Mediterranean countries with a budget exceeding €50 million.

He highlighted that all these EU funded projects contribute to the SDGs through supporting the private sector in general and specifically BSOs, startups and SMEs with a focus on job creation, gender, youth, and climate change. He further noted that we started blending and capitalization between these projects themselves as well as with other development partner initiatives, where the minister has kicked off the first initiative for BSO and incubator support.

Dr. Ezz responded to Minister Al Mashat's proposal, proposing that CEEBA along with BUSINESSMED and ASCAME through EU ENI EBSOMED project shall conduct the required survey, and present its results during the Meda FINANCE annual conference bringing together BSOs from the Euro-Mediterranean region along with donors, development banks and funds, and novel non-banking instruments.