The Egyptian government announced plans on Monday 11 November to increase investments in the entrepreneurship sector from USD 500 million (EGP 246 million) to USD 5 billion (EGP 246 billion) over an unspecified period of time.
Prime Minister Mostafa Madbouly revealed this ambitious target during a recent meeting with representatives from ten leading entrepreneurial companies. The statement released by the Egyptian Cabinet did not clarify the identity of these companies.
Recognizing the importance of entrepreneurship for Egypt’s youthful population, Madbouly highlighted the government’s commitment to supporting this promising sector.
“Everyone acknowledges that this is a promising sector, and we will translate this into the Egyptian economy by providing the necessary support,” Madbouly stated.
The Prime Minister also declared the formation of a special ministerial committee led by Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, aimed at removing obstacles and fostering growth. The statement did not clarify exactly what steps will be taken to achieve this.
Additionally, the statement announced that Amr El-Abd has been appointed as the Prime Minister’s advisor on entrepreneurship, responsible for monitoring progress and strategic development
During the meeting, company representatives shared insights about their businesses, which cover various fields such as fintech, healthcare, real estate financing, and more.
Collectively, these companies have a market value of USD 3 billion (EGP 147 billion), have attracted USD 1.4 billion (EGP 68 billion) in investments, and generated around USD 900 million (EGP 44 billion) in revenue, creating approximately 45,000 jobs.
The Prime Minister urged these companies to collaborate on a detailed action plan to achieve the new investment target, highlighting the sector’s potential to enhance Egypt’s economic landscape.
