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Wednesday, 7 December 2022

BII’s Sherine Shohdy on investing in the green transition + the VC ecosystem for sustainable development

We recently had breakfast with 20 top CEOs to talk about why exports and FDI are key to our economy going forward. After reading our five-step recipe for turning Egypt into a global export hub and FDI magnet, participating CEOs agreed to answer two questions on the record for our latest CEO Poll.

We’ve already heard from: GSK’s Mohamed El Dababy | McKinsey’s Jalil Bensouda | Somabay’s Ibrahim El Missiri | ALC Alieldean Weshahi & Partners’ Bahaa Alieldean | HSBC Egypt’s Todd Wilcox | Actis’ Sherif El Kholy | Amazon’s Omar El Sahy.

TODAYSherine Shohdy (LinkedIn) is Egypt head and North Africa coverage director at British International Investment (BII), the UK government’s development finance arm.

ENTERPRISE- Which industry would you put on a focused short list and why?

SS- BII has commitments of over USD 760 mn in Egypt and its direct and indirect investments in the country span critical sectors such as clean infrastructure and energy, healthcare, manufacturing, and financial services. We recognize the caliber and ambition of the business leaders here and the size of the economy, so we are actively pursuing chances to support the growth of the country’s most promising businesses.

We will work towards unlocking other climate innovation strategies, including in clean energy solutions such as solar and wind power, green hydrogen, and water, sanitation, and hygiene (WASH) systems. Over the next five years, at least 30% of our total new commitments will be in climate finance, making us one of the world’s largest climate investors in Africa.

We also aim to nurture the local venture capital ecosystem, having recently committed to investing USD 100 mn in Egyptian startups over the next five years, including in high-potential entrepreneurs with unique climate solutions. Local investors are ideal partners to identify the next generation of high-potential entrepreneurs whose unique solutions help solve development challenges, including climate solutions.

E- Why are exports and FDI the way forward?

SS- We invest in productive, sustainable, and inclusive development. Export and FDI-led growth sparks global competitiveness for home-grown products, services, and businesses. Long-term lending builds self-sufficiency, stability, and a financial backbone for growing companies, which supports economic growth. It addresses the stark imbalance in international trade and elevates Africa’s potential as a global trading hub. It will further boost Egypt’s participation in global value chains and the economic prospects of mns of people and provide alternative sources of foreign currency beyond tourism.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

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