Egypt's government plans to bolster its startup sector with a new financial package and a unified definition of startups, officials announced following a recent meeting. The Ministerial Group for Entrepreneurship, chaired by Planning Minister Rania Al-Mashat, concluded its third meeting at the Ministry's headquarters in the New Administrative Capital. The group, established by Prime Minister's decree, aims to strengthen the startup ecosystem to fuel sustainable economic growth and create jobs. The meeting produced a proposed financial package and a unified definition of startups, both key components of a forthcoming "Startup Charter." The charter, currently under development, is intended to serve as a roadmap for investors and startups alike, according to Al-Mashat. "The working groups have held intensive meetings over the past period to discuss various proposals and recommendations from stakeholders in the sector, including startups and investors," Al-Mashat said. "The discussions and recommendations will be reflected in the Startup Charter, which is currently being finalized to become a clear roadmap to enhance investor confidence in the opportunities available for startups in Egypt and support their rapid and sustainable growth." Al-Mashat highlighted that the implementation of these recommendations aligns with the government's National Structural Reform Program, focusing on private sector empowerment and a business-friendly environment. She underscored the government's dedication to supporting startups, citing their pivotal role in future economic development, particularly given the rise of AI and emerging technologies. "The government's commitment to supporting the entrepreneurship sector, particularly startups, is due to its crucial role in shaping the future economy in many countries, especially with the rise of emerging technologies and the revolution in AI-based services and products, which have an impact across all areas of development," Al-Mashat said. She added that Egypt, with its large market, young population, skilled workforce, and competitive costs, is well-positioned to become a regional startup hub. The meeting was attended by a range of high-level officials, including Kamel Al-Wazir, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport; Ayman Ashour, Minister of Higher Education and Scientific Research; Hassan El-Khatib, Minister of Investment and Foreign Trade; Sherif Farouk, Minister of Supply and Internal Trade; Mohamed Farid, Chairperson of the Financial Regulatory Authority.
It was also attended by Mai Abu El-Naga, Deputy Governor of the Central Bank of Egypt; Basel Rahmi, Head of the Micro, Small, and Medium Enterprises Development Agency; Hossam Heiba, Head of the General Authority for Investment and Free Zones; Osama El-Gohary, Assistant to the Prime Minister and Head of the Information and Decision Support Center; Jehan Saleh, Economic Advisor to the Prime Minister; Hossam Osman, Deputy Minister of Higher Education and Scientific Research; Amr El-Abd, Entrepreneurship Advisor to the Prime Minister; Ahmed El-Zaher, CEO of the Information Technology Industry Development Agency; Hany Ayad, CEO of the Innovation Support Fund; and Tamer Taha, Advisor to the Minister of Planning, Economic Development, and International Cooperation for Innovation and Entrepreneurship and Head of the Private Sector Participation Unit; and Ater Hanoura, Head of the Public-Private Partnership Unit at the Ministry of Finance.
