Egypt founds entrepreneurship firm to boost start-ups

CAIRO-April 27 2017: A new entrepreneurship company was established to promote direct and indirect investment in startups and small companies with a total capital of 451 million EGP ($24.9 million), Minister of Investment and International Cooperation Sahar Nasr announced Thursday.

Nasr’s remarks were part of her keynote speech at the Ismailia National Youth Conference, which is being held under the patronage of President Abdel Fatah al-Sisi, according to a statement from the Investment Ministry.

Nasr also affirmed that the company will contribute to bridging the funding gap for startups by providing initial seed money for their establishment.

She further reiterated that the ministry supports youth projects, especially in needy regions such as the Sinai Peninsula, and added that providing job opportunities for youth, who represent around 40 percent of the population, is one of the most important objectives of Egypt’s economic reform program.

In Egypt, young people are considered ‘youth’ into their late 20s or early 30s, particularly if they remain unmarried.