Cairo – May 18, 2024: Prime Minister Mostafa Madbouly announced that Egypt’s entrepreneurship sector has attracted over $2 billion in investments in the past four years.
Mr. Madbouly highlighted Egypt’s commitment to fostering entrepreneurship, emphasizing the establishment of a specialized department for entrepreneurship and start-ups.
The department is headed by the CEO of the General Authority for Free Investment Zones (GAFI) under the Cabinet and serves as an integration platform for various entities involved in entrepreneurship in Egypt, and facilitates exchanges between young individuals, entrepreneurs and start-ups. is promoting.
Madbouly explained that the department’s responsibilities include developing appropriate policies, laws and regulations to support the growth of Egyptian startups.
Since its establishment, the Department has streamlined the issuance of classification certificates and revised the definition of startups and entrepreneurship projects in order to ensure that startups can fully benefit from the benefits outlined in Law No. 152 of 2020. We have been actively working on this.
Additionally, the department developed an integrated platform that brings together services and procedures from different government agencies and provided comprehensive information on the working environment that supports entrepreneurship in Egypt.
The release of the initial version of the platform is imminent, giving entrepreneurs improved access to important resources and information.
The government reorganized Egypt Ventures to address entrepreneurs’ financing challenges. Egypt Ventures is an investment platform that provides qualified funding to pioneering projects in Egypt.
It has already invested in several startups and works with government and non-government service providers to provide technical support and professional consulting to entrepreneurs.
