The Egyptian government has set a target to expand investment in the entrepreneurship sector to $5 billion, a tenfold increase from the current $500 million.
In a recent meeting with representatives from ten leading entrepreneurial companies, Prime Minister Mostafa Madbouly expressed the government’s strong commitment to fully supporting the sector.
To address challenges and drive growth, Madbouly announced the establishment of a ministerial group dedicated to entrepreneurship.
This group, led by the Minister of Planning, Economic Development, and International Cooperation, will work to eliminate barriers and emphasize entrepreneurship’s essential role in bolstering Egypt’s economic progress.
Additionally, the government will appoint a dedicated advisor to the Prime Minister to oversee the strategic development of this sector.
The Prime Minister also called for a comprehensive working paper to outline specific requirements to help meet these ambitious investment goals, emphasizing that all stakeholders agree on the sector’s vast potential and the importance of achieving measurable outcomes.
Amr Abdel Meguid El-Abd, the Prime Minister’s Advisor on Entrepreneurship, highlighted that the ten companies represented at the meeting are among Egypt’s fastest-growing, collectively valued at $3 billion.
These companies have secured $1.4 billion in investments and generated revenues totaling around $900 million.
El-Abd noted that these businesses have created approximately 45,000 jobs, enhancing Egypt’s competitive standing in the global entrepreneurial sphere.
Current efforts aim to scale the sector further, working towards the $5 billion investment target.
The delegation included companies specializing in various fields, including fintech, healthcare, real estate finance, stock exchanges, consumer goods distribution, and retail financial services.
These companies will play a key role in shaping the working paper required to advance this vital sector.
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