Egypt’s entrepreneurship sector attracts over $2B in investments during past 4 years

CAIRO – 18 May 2024: Prime Minister, Mostafa Madbouly, announced that the entrepreneurship sector in Egypt has attracted investments exceeding $2 billion over the past four years. 

Emphasizing Egypt’s commitment to fostering entrepreneurship, Madbouly highlighted the establishment of a dedicated unit for entrepreneurship and emerging companies. 

This unit, led by the CEO of the General Authority for Investment and Free Zones (GAFI) under the Cabinet, acts as a unifying platform for various entities involved in entrepreneurship in Egypt, facilitating interactions between young individuals, entrepreneurs, and emerging companies.

Madbouly explained that the unit’s responsibilities include the development of appropriate policies, laws, and regulations to support the growth of emerging companies in Egypt. 

Since its establishment, the unit has been actively working on defining startups and entrepreneurship projects to streamline the issuance of classification certificates and ensure that startup companies can fully benefit from the advantages outlined in Law No. 152 of 2020.

Furthermore, the unit has developed an integrated platform that consolidates services and procedures from various government agencies, offering comprehensive information about the supportive work environment for entrepreneurship in Egypt. 

The launch of the initial version of this platform is imminent, providing entrepreneurs with improved access to essential resources and information.

The government has restructured Egypt Ventures to address entrepreneurs’ financing challenges. Egypt Ventures is an investment platform that provides adequate funding for pioneering projects in Egypt. 

It has already invested in multiple startups and collaborates with governmental and non-governmental service providers to offer technical support and specialized consultations to entrepreneurs.