Prime Minister Reviews Outcomes of the Ministerial Group for Entrepreneurship

Dr. Mostafa Madbouly, Prime Minister, met today with Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, to review the outcomes of the Advisory Committee for the Digital Economy and Entrepreneurship, as well as the working groups affiliated with the Ministerial Group for Entrepreneurship.

A Key Driver of Growth
The Prime Minister affirmed that entrepreneurship and support for startups are a key driver of economic growth and a central pillar for achieving human development targets and the Sustainable Development Goals, which largely rely on innovation across various economic and productive sectors. Accordingly, the Egyptian government, through its relevant entities, aims to provide sustained and effective support for the entrepreneurship ecosystem.

Resulting Efforts
For her part, the Minister of Planning, Economic Development and International Cooperation outlined the efforts resulting from continuous coordination and diligent work by members of the Advisory Committee for the Digital Economy and Entrepreneurship, as well as the Ministerial Group for Entrepreneurship. 

She highlighted the importance of policy integration supporting startups and scaleups, given the critical role of this integration.
In this context, the Minister noted that the Ministerial Group for Entrepreneurship has worked on developing supportive policies for startups at the idea stage, the establishment stage, and the early growth stage, in accordance with Law No. 152 of 2020.

Companies’ Needs
She added that the needs of companies at the “scale-up” and “maturity and exit” stages require complementary, tailor-made tools and policies, as well as a different type of support. These needs have been addressed in the “Egyptian Startup Charter,” within a dedicated program for these companies.
The Charter was formulated with specific objectives to promote entrepreneurship and growth- and employment-supportive policies, providing an integrated framework to support the growth and prosperity of startups.

Startups’ Proposals
The Minister also pointed out that meetings were held between the Advisory Committee for the Digital Economy and Entrepreneurship, the working groups of the Ministerial Group for Entrepreneurship, and a number of companies to identify their proposals and incorporate them into the Entrepreneurship Charter.

Supportive Initiatives
During the meeting, Dr. Rania Al-Mashat reviewed initiatives and policies ready for launch by the Ministerial Group for Entrepreneurship, noting the existence of a comprehensive framework of supportive initiatives, including: a unified definition of startups, a unified financing initiative, the establishment of an executive implementation mechanism, a scaleup program, a unified government guide for startup services (Navigator), a contact point and website, and an Entrepreneurship Observatory.

Government Measures
The Minister also highlighted a number of government measures that have already been announced, including the signing of a memorandum of understanding between the Micro, Small and Medium Enterprise Development Agency (MSMEDA) and the “Erada” initiative to improve the regulatory and legislative environment for entrepreneurship and small projects; the approval by the Financial Regulatory Authority of the establishment of the first digital platform for investing in real estate investment fund certificates.
Beside the strategic partnership between the Egyptian Intellectual Property Authority and the Innovators Support Fund to promote innovation in Egypt; in addition to statements by Mr. Ahmed Kouchouk, Minister of Finance, confirming that incentive measures to boost the growth of productive sectors and entrepreneurship activities in the Egyptian economy are under study, during an open dialogue with technology company representatives at the “Cairo ICT” conference.

Source: Press Release