Sigma Capital

19-09-2024

Minister of Planning and International Cooperation meets with the founder of White Star Capital Fund to explore investment opportunities in the field of entrepreneurship in Egypt

Source: MIST

Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, met with Mr. Eric Martineau-Fortin, Founder and Managing Partner of White Star Capital Fund, and Mr. Mohamed El-Kalash, Vice President of the Foundation, an international fund specialized in investing in entrepreneurship and technology, with a presence in North America, Europe and Asia, to discuss opportunities for cooperation between the two parties in enhancing the entrepreneurship and innovation scene in Egypt. The meeting witnessed a discussion of the investment opportunities available to the Foundation, in light of Egypt's comparative advantages that attract various local and foreign investments in many fields. During the meeting, Dr. Rania Al-Mashat pointed out the state's priorities at the current stage, as the government seeks to empower the private sector, develop the investment environment, and make room for the local and foreign private sector to increase the volume of investments and enhance the stability of the overall economy, noting that the government has embarked on implementing an ambitious economic and structural reform program to enhance comprehensive economic development and overcome the challenges facing the Egyptian economy. Al-Mashat stressed the importance the state attaches to entrepreneurship, as the Ministerial Group for Entrepreneurship was recently formed, headed by the Minister of Planning, Economic Development and International Cooperation, with the aim of enhancing the capacity of emerging companies and the entrepreneurship environment to achieve sustainable and accelerated economic growth based on competitiveness and knowledge and contributing to the creation of decent job opportunities. Dr. Rania Al-Mashat stressed that supporting and promoting entrepreneurship has many positive effects, which include expanding the provision of new job opportunities, which reduces unemployment rates and stimulates local economies, in addition to enhancing technological progress, improving local industries, and developing production capacities, which contributes to a more competitive economic environment. In addition, successful international companies attract more investments, which enhances the economic structure of the region and increases its attractiveness for future investments, as well as facilitating cooperation with local competencies in transferring knowledge and skills. Al-Mashat also highlighted the role played by the ministry in managing government investments and enhancing joint work between Egypt and multilateral and bilateral development partners, and creating integration between the two sides in a way that drives economic development and enhances the efficiency and effectiveness of implemented projects. For his part, the founder and managing partner of White Star Capital praised Egypt's potential in the field of entrepreneurship and innovation, as it is one of the main markets attracting investments in emerging companies in the Middle East and North Africa region, explaining that he is following the measures taken by the government to enhance investment in emerging companies and entrepreneurship, which provides great opportunities for cooperation. He explained that the fund's investment portfolio includes many companies that have shown interest in the Egyptian market in light of its distinguished government support and great interest in entrepreneurship, in addition to the competitiveness of the human element. It is worth noting that White Star Capital is a global multi-stage technology investment platform, founded in 2007. The company manages more than $1.3 billion in assets, and invests strategically in various sectors, such as mobility, logistics, industrial technology, digital health, and financial technology. It is present in major cities such as New York, London, Toronto, and Dubai. The company works to enable ambitious entrepreneurs to achieve success in international business markets.