The Alexandria Businessmen Association (ABA) has launched the GIMED program, an initiative funded by the European Union, to stimulate green innovation and support eco-conscious entrepreneurs in the governorate. The program is designed to empower startups to contribute to Egypt’s growing green economy by providing training, mentorship, and access to capital.
Fostering a Competitive Green Economy
Eng. Mohamed Sabry, Chairman of the ABA, highlighted the program’s strategic importance for the local startup scene. He emphasized that by embracing a green transition, any startup can enhance its operational efficiency and profitability.
“This transition raises their readiness and competitiveness in modern markets, which are rapidly shifting towards an environmentally friendly green business model, a necessity dictated by the Fourth Industrial Revolution,” Sabry stated.
Comprehensive Support for Green Innovators
Mohamed Hanno, a board member and head of the association’s micro-lending project committee, detailed the direct benefits for participants. He explained that young entrepreneurs and startups in Alexandria with green business ideas can access technical assistance and specialized workshops to attract investment.
The program’s training will focus on critical areas such as developing green business plans, creating market-ready products, devising effective marketing strategies, and preparing for fundraising rounds to ensure startups are investment-ready.
Bridging Startups with Corporates and Capital
Eng. Osama Murad, Executive Director of the association’s micro-lending project, emphasized the program’s role as a financial enabler. At the culmination of the training cycle, GIMED will assist entrepreneurs in preparing their investment and funding proposals.
“The association will organize dedicated meetings for these green innovators with financing and investment institutions, allowing them to pitch their innovations and attract capital to execute their plans,” Murad explained.
€7,500 Grants for Green Pioneers
Eng. Sherif El-Diwany, head of the GIMED program, revealed that the program has already established partnerships with eight major corporations in Egypt actively seeking green innovations. Furthermore, he announced that in the first quarter of 2022, the program will present the “Green Innovation Pioneers” awards.
“Four idea-stage innovators and four startups that have developed green innovations with the program will each receive a grant of €7,500,” El-Diwany added.
Aligning with National Vision
El-Diwany also underscored the program’s alignment with national objectives, positioning the ABA as a key partner in building a coalition of stakeholders—including business owners, policymakers, and incubators—to support Egypt’s green economy. This initiative supports the government’s goal to double the share of green public investments from 15% to 30% in the upcoming fiscal year, an effort supported by the Ministry of Planning and the Ministry of Environment.
About The GIMED Program
GIMED is an EU-funded program implemented in Egypt by the Alexandria Businessmen Association. Its mission is to support green entrepreneurs and startups by providing training, technical assistance, access to finance, and market connections, thereby fostering the development of a sustainable and eco-friendly business ecosystem.
Source: Al Mal News
