The Ministerial Group for Entrepreneurship concludes discussions on a unified definition for startups and a set of facilitation measures, and discusses a proposed financial package to support the sector.
H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, chaired the third meeting of the Ministerial Group for Entrepreneurship at the Ministry’s headquarters in the New Administrative Capital. The group was established by a decision from the Prime Minister and aims to enhance the capacity of startups and the entrepreneurship ecosystem to achieve sustainable and accelerated economic growth, based on competitiveness and knowledge, contributing to the creation of decent job opportunities.
The meeting was attended by Lieutenant-General Eng. Kamel Al-Wazir, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport; Dr. Ayman Ashour, Minister of Higher Education and Scientific Research; Eng. Hassan El-Khateeb, Minister of Investment and Foreign Trade; Dr. Sherif Farouk, Minister of Supply and Internal Trade; Dr. Mohamed Fayed, Chairman of the Financial Regulatory Authority; Dr. Mai Abu El-Naga, Deputy Governor of the Central Bank of Egypt; Mr. Basel Rahmi, Head of the Micro, Small, and Medium Enterprises Development Agency; Mr. Hossam Heiba, Head of the General Authority for Investment and Free Zones; Dr. Osama El-Gohary, Assistant to the Prime Minister and Head of the Information and Decision Support Center; Dr. Jehan Saleh, Economic Advisor to the Prime Minister; Dr. Hossam Osman, Deputy Minister of Higher Education and Scientific Research; Mr. Amr El-Abd, Entrepreneurship Advisor to the Prime Minister; Eng. Ahmed El-Zaher, CEO of the Information Technology Industry Development Agency; Dr. Hany Ayad, CEO of the Innovation Support Fund; and Mr. Tamer Taha, Advisor to the Minister of Planning, Economic Development, and International Cooperation for Innovation and Entrepreneurship and Head of the Private Sector Participation Unit, along with Mr. Ater Hanoura, Head of the Public-Private Partnership Unit at the Ministry of Finance.
H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, emphasized that the working groups had held intensive meetings over the past period to discuss various proposals and recommendations from stakeholders in the sector, including startups and investors. She explained that the discussions and recommendations would be reflected in the Startup Charter, which is currently being finalized to become a clear roadmap to enhance investor confidence in the opportunities available for startups in Egypt and support their rapid and sustainable growth.
H.E. Minister Al-Mashat indicated that implementing these recommendations is part of the government’s efforts to advance the National Structural Reform Program, aimed at empowering the private sector and creating a favorable business environment.
H.E. Dr. Al-Mashat stressed the government’s commitment to supporting the entrepreneurship sector, particularly startups, due to its crucial role in shaping the future economy in many countries, especially with the rise of emerging technologies and the revolution in AI-based services and products, which have an impact across all areas of development. She pointed out that Egypt is one of the largest markets in the Middle East and Africa, with millions of young people and a qualified workforce, offering competitive operational costs and possessing all the ingredients to become a regional hub for startups.