CAIRO – 15 July 2021: Minister of International Cooperation Rania el Mashat said that the government is keen on improving the entrepreneurship and innovation environment in Egypt, with a view to creating new jobs that cope with the Fourth Industrial Revolution.
She added that her ministry provides full support for start-ups, through Misr Company for Entrepreneurship and Investment that was established in 2017, with a capital of EGP 451 million to achieve Egypt's Vision 2030.
Mashat's remarks came as the International Cooperation Ministry marks the World Youth Skills Day (WYSD), which is celebrated on 15th July every year.
On this occasion, the minister pointed out that some start-ups received funding from Misr Company for Entrepreneurship and Investment, which is the first venture capital company seeking to enhance the environment of entrepreneurship and innovation, along with empowering young people to implement their innovative ideas.
Since its establishment in 2017, Misr Company for Entrepreneurship and Investment has injected investments worth EGP 275 million into 174 companies, according to a report by her ministry. Some business accelerators like Falak StartUps, EFG-EV Fintech and Flat6Labs benefited from this funding, it said.
Those investments encouraged the private sector and foreign investors to invest more than EGP one billion in such start-ups, it added.