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23 Sep 2021

A Volume of Business Exceeding EGP One Billion in the First Year

The Minister of International Cooperation (MoIC Minister) and the Chief

Executive Officer of the General Authority for Investment and Free Zones
(GAFI CEO) witness the signing of a strategic partnership agreement between
two startups in the field of digital solutions and e-payment.
Dr. Rania al-Mashat, MoIC Minister, and Counselor Mohamed Abdel
Wahab, GAFI CEO, witnessed the signing ceremony of a strategic
partnership agreement between al-Watan Mobile Advertising Company
“Elani” and PayNas for Payments and Digital Solutions, at GAFI's
The signed partnership agreement represents an important step
towards generating innovative sources of income by using various
technological advertising media for taxi drivers' benefit. This comes in line
with the State's efforts exerted in course of digital transformation and
financial inclusion. The agreement offers taxi drivers new sources of income
in return for using their vehicles as an advertising space and provides
financing services as regards taxi refurbishment, installment programs for
automotive spare parts, non-cash fare payment services. All these services
come within the framework of the State’s direction towards encouraging epayments,
especially in tourist areas, where the partnership between the
two start-ups is estimated to have a business volume of more than billion
pounds in the first year.
After the signing of the agreement, MoIC Minister stressed the
government's keenness to support entrepreneurship and startups in Egypt
through Egypt Entrepreneurship and Investment Company. She said this
company provides opportunities to enhance cooperation with international
institutions interested in entrepreneurship, and also has a competitive
advantage, as it targets startups compliance with environmental and
governance standards in the various spheres of investment.
Dr. al-Mashat indicated that startups play a vital role in the era of the
Fourth Industrial Revolution especially when it comes to advancing
development plans. Startups also have been playing a major role in
supporting business sustainability during COVID19, explaining that Egypt
is a promising regional center for startups, and that the experience of Egypt
Entrepreneurship and Investment Company reflects the State's
commitment to promoting entrepreneurship and startups.
On his part, GAFI CEO affirmed his eagerness to support entrepreneurs and startups and provide opportunities to Egypt's promising youth while equipping them with the necessary tools that would harness their work skills and creativity. He added that GAFI has adopted several programs to support and empower young entrepreneurs. Among those programs comes Fekratak Sherketak "Your Idea is Your Company" entrepreneurship support initiative, which has been implemented to provide various services to startups during the lifecycle of their projects. This includes services being rendered during project idea, acquiring financial resources, project incorporation, productions operations creating job opportunities.
Seif al-Islam Hamzah, Chairman of the Board of Directors of Elani Company, confirmed that a taxi driver's earnings from his/her taxi would increase by 30% per month, in addition to other benefits stemming from the financing programs.
Mohamed Mounir, CEO of PayNas, stressed the importance of strategic partnerships in achieving the mission of providing financial and insurance services to support financial inclusion and enhance the efficiency and productivity of the economy. He said that this would contribute to improving living standards and achieving sustainable development goals, which are the cornerstone of his company's mission.
It is worth noting that al-Watan Mobile Advertising Company “Elani” aims to provide a social and economic project to advance the automotive sector in Egypt, while Paynas for Payments and Digital Solutions is a leading Egyptian company in providing financial solutions and e-payment services through a digital platform that offers financial and insurance benefits and services tailored to the needs of different groups of the Egyptian society.