Prime Minister Reviews Efforts to Advance Egypt’s Entrepreneurship Ecosystem

Dr. Mostafa Madbouly, Prime Minister of Egypt, chaired a meeting this evening at the Government Headquarters in the New Administrative Capital to review ongoing efforts to advance the entrepreneurship ecosystem through the Ministerial Group for Entrepreneurship and the Advisory Committee for the Digital Economy and Entrepreneurship.

The meeting was attended by Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation; Dr. Amr Talaat, Minister of Communications and Information Technology; Dr. Ayman Ashour, Minister of Higher Education and Scientific Research; Dr. Mohamed Farid, Chairman of the Financial Regulatory Authority (FRA); Mr. Yasser Sobhy, Deputy Minister of Finance for Fiscal Policies

Eng. Ahmed El-Zaher, CEO of the Information Technology Industry Development Agency (ITIDA); Mr. Amr El-Abd, Advisor to the Prime Minister for Entrepreneurship; Mr. Sherif Lokman, Deputy Governor of the Central Bank of Egypt for Financial Inclusion and Sustainability; Ms. Sherine El-Sharkawy, First Assistant to the Minister of Finance for Economic Affairs; along with a number of senior officials from relevant ministries and entities.

Strong Government Focus on Entrepreneurship

At the outset of the meeting, the Prime Minister stressed that the government places significant importance on entrepreneurship, noting the establishment of a ministerial working group responsible for all matters related to the sector, alongside an advisory committee comprising experts and specialists to support its development.

In this context, Dr. Madbouly stated that a dedicated charter for entrepreneurship has been finalized, adding that the government is currently working on activating a set of decisions and measures aimed at advancing the entrepreneurship agenda and strengthening the ecosystem.

Proposal for a Unified Institutional Entity

The Prime Minister highlighted proposals calling for the establishment of a unified institutional entity for entrepreneurship, consolidating the efforts of the various existing bodies under one umbrella. This entity would serve as a central reference point for all entrepreneurship-related matters.

He explained that such an entity would contribute to addressing the challenges faced by entrepreneurs, providing comprehensive support, and offering a single institutional interface for all stakeholders. The purpose of the meeting, he noted, was to discuss this proposal.

Outcomes of the Ministerial Group for Entrepreneurship

During the meeting, Dr. Rania Al-Mashat reviewed the key outcomes of the Ministerial Group for Entrepreneurship. She explained that, in line with the Prime Minister’s decision to establish the group, aimed at enhancing the capacity of startups and the entrepreneurship ecosystem to achieve sustainable and accelerated economic growth based on competitiveness, the group has adopted supportive policies across multiple stages of the startup lifecycle.

These stages include the idea phase, establishment phase, early growth, scaling and expansion, and maturity/exit stages.

Startup Needs and Achievements

Dr. Al-Mashat emphasized that startups in the expansion phase require tailored complementary tools and policies to support their growth.

She also noted that, over more than a year since the group’s establishment, 50 meetings have been held with the participation of 250 represented entities and 160 startups. As a result, 80 specific measures related to entrepreneurship and startups were identified, based on feedback from government entities and the entrepreneurship community.

Ready-to-Launch Initiatives and Policies

Dr. Al-Mashat outlined several initiatives and policies ready for launch through the Ministerial Group, including a unified definition and classification of startups (in line with Law No. 152 of 2020), and the issuance of a unified government guide for startup services.

Additional initiatives include a unified financing initiative, a program targeting mature-stage startups, a package of facilitative measures and supportive policies, as well as the establishment of a dedicated communication point and website, and the designation of an observatory to monitor the implementation of entrepreneurship policies.

Three Core Pillars

Mr. Amr El-Abd, Advisor to the Prime Minister for Entrepreneurship, presented three core pillars guiding the government’s approach to entrepreneurship. The first pillar is the firm belief that entrepreneurship is not merely a promising sector, but a key driver of sustainable economic growth.

The second pillar focuses on addressing current challenges realistically, while strengthening coordination and cooperation among all relevant stakeholders to improve the ecosystem based on a structured approach and global best practices.

The third pillar aims to highlight Egypt’s role as a key player in the global entrepreneurship ecosystem, enhancing confidence among entrepreneurs and attracting investors from around the world.

Challenges and Investment Stimulation

El-Abd also reviewed the current state of the entrepreneurship sector in Egypt, noting that it continues to face a number of challenges, and presented the main government initiatives and entities involved in supporting entrepreneurship.

The meeting included discussions on the proposal to establish a unified entrepreneurship entity, as well as a proposal for a unified government initiative to stimulate investment in startups. This initiative aims to encourage private sector and local and international venture capital investments in Egyptian startups, while maximizing returns from available government resources.

Source: Press Release