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New Platform ‘Hafiz’ Seeks to Empower Private Sector in Egypt

The Hafiz platform was established in response to the recommendations put forth during the Egypt 2022 Economic Conference.

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New Platform ‘Hafiz’ Seeks to Empower Private Sector in Egypt

Egypt's Ministry of International Cooperation launched the Hafiz platform, an integrated initiative aimed at providing financial and technical support for the private sector in Egypt. This integrated platform serves as a bridge between development partners, international institutions, the government, and local businesses, facilitating communication and collaboration between various private sector companies, including large corporations, small and medium-sized enterprises (SMEs), micro-enterprises, and emerging companies. Its primary goal is to enable these entities to benefit from development financing, technical assistance, and consultations provided by development partners.

The Hafiz platform was established in response to the recommendations put forth during the Egypt 2022 Economic Conference, which emphasised the need to empower the private sector and enhance its access to services offered by development partners. The private sector is facing many challenges, including information gaps, difficulties in accessing technical support and timely assistance, language barriers, and concerns regarding transaction security and privacy.

To address these challenges, the Ministry of International Cooperation, in collaboration with multilateral and bilateral development partners, developed the Hafiz platform. It serves as a comprehensive portal for private sector institutions of all sizes and sectors to explore and engage with opportunities, resources and services available through global partnerships with international development partners. The platform offers a wide range of services, including access to financing options, technical assistance, consultancy services, and information on tenders and initiatives. It also features an AI-powered chat tool to provide users with real-time guidance and support.

The Hafiz platform is open to all eligible companies. Through the platform, private sector companies can benefit from the vast array of financial and non-financial services offered by 20 development partners. These services cover areas such as development financing, direct investment, commercial financing, risk guarantee, grants, technical assistance, and capacity-building.

Over the past few years, development partners have contributed significantly to the private sector in Egypt. According to the Ministry of International Cooperation's annual report, funds, investments, and contributions from development partners to various private sector companies between 2020 and 2023 amounted to approximately $10.3 billion. Notably, the European Investment Bank (EIB) led in terms of financing, followed by the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC), and the OPEC Fund for International Development.