Minister of Planning Advocates for Women's Leadership in Investment at St. Petersburg Forum

H.E.Dr. Hala El-Said, Minister of Planning and Economic Development, participated in a session titled "Women's Leadership in Investment" as part of the 27th St. Petersburg International Economic Forum, held in Russia from June 5-8.

In her speech, Dr. El-Said highlighted the progress of Egyptian women's participation in investment and entrepreneurship. In 2023, the proportion of women on boards of directors increased significantly to 23.3%, compared to 19.7% in 2022. She noted that maintaining this annual growth rate over the past three years could achieve the strategic goal of having 30% women on boards by 2026, in line with Egypt's Vision 2030.

Dr. El-Said added that Egyptian female entrepreneurs and businesswomen significantly contribute to the advancement of the entrepreneurship ecosystem in Egypt, with 12 Egyptian businesswomen listed among the top 100 businesswomen in the Middle East in 2023.

She emphasized that the National Sustainable Development Strategy: Egypt's Vision 2030, strongly focuses on empowering women through various initiatives. These include promoting financial literacy, inclusion programs, and forming partnerships with banks to provide gender-responsive products and services. Egypt's approach to enhancing women's leadership in investment combines national policies with economic and social initiatives.

Dr. El-Said referred to the Egyptian Financial Regulatory Authority's Resolution No. 110 of 2021, which mandates 25% female representation or at least two female members on the boards of non-banking financial sector companies. In 2021, the Central Bank of Egypt also issued a directive requiring banks to include at least two women on their boards. She mentioned several notable initiatives, such as the Women on Boards Observatory at the American University in Cairo's School of Business, which facilitates the advancement of female talent in boardrooms. This initiative includes the launch of a database of Egyptian women qualified for board positions, making it easier to appoint women to corporate boards based on their expertise.

Regarding economic incentives, Dr. El-Said stated that Egypt has focused on providing services tailored to women's needs. Recent initiatives include new investor service centers designed as one-stop shops to meet women's specific needs. These centers aim to streamline bureaucratic procedures and provide electronic services to investors. On the social and cultural front, Egypt is fostering a supportive environment for female investors. The Top 50 Women Forum exemplifies this effort, serving as a network for the most accomplished women in business in Egypt.

Despite these efforts, Dr. El-Said acknowledged that there are still opportunities to enhance support for female investors. It is essential to deepen the understanding of their needs by assessing their backgrounds and experiences and how these factors influence their financial decision-making. She pointed out that the issue of inadequate female representation on boards is cultural, as women constitute 50% of the workforce and have qualifications and ambitions equal to men. However, it is crucial to recognize that women also prioritize aspects outside their professional lives, such as family life.