Egypt’s government has unveiled plans to significantly boost investments in entrepreneurship from $500 million to $5 billion.
Prime Minister Mostafa Madbouly made this announcement on Monday during a meeting with leaders of 10 top entrepreneurial companies.
These companies specialize in various fields including financial technology, healthcare, real estate financing, stock exchange, consumer goods distribution, and retail financial services. They have a combined market value of $3 billion, attracting $1.4 billion in investments and generating $900 million in revenue, while creating approximately 45,000 jobs in the country.
Recognizing the sector’s potential, especially with Egypt’s youthful population, Madbouly emphasized the government’s commitment to providing necessary support.
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“Everyone acknowledges that this is a promising sector, and by providing the necessary support, we will translate this into the Egyptian economy,” Madbouly stated.
At the meeting, company representatives presented overviews of their businesses, emphasizing the investments secured, the jobs created, and the difficulties encountered.
Madbouly praised their achievements and reaffirmed the government’s commitment to offering any assistance that may be required. In order to accomplish the ambitious target of increasing investments in the sector from $500m to $5bn, he called for a comprehensive action plan that outlines precise criteria and emphasized the ambitious goal of expanding investments in the industry from $500 million to $5 billion.
The company representatives expressed their opinions on the steps needed to increase investments in the industry and promised to work together to create the necessary action plan to propel its growth.
A special ministerial committee, led by the Minister of Planning and Economic Development, will tackle obstacles and promote entrepreneurship in the country.
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Amr El-Abd, who was appointed as the Prime Minister’s advisor to monitor progress of the committee, highlighted the significant attention this sector is receiving.
“Efforts are underway to raise the size of this sector, aiming to increase investments from $500m to $5bn,” El-Abd said.
