The Egyptian government is studying the establishment of a single, unified institutional body dedicated to entrepreneurship, aiming to consolidate the efforts of various ministries and create a central point of reference for the entire startup ecosystem. The move was announced by Prime Minister Mostafa Madbouly following a meeting of the Ministerial Group for Entrepreneurship.
A Centralized Hub for Startup Support
According to Prime Minister Madbouly, the proposed entity is designed to solve common challenges faced by entrepreneurs, provide comprehensive support, and offer a single institutional gateway for all stakeholders in the sector. The goal is to streamline processes and centralize resources that are currently dispersed across multiple government bodies.
“This entity would contribute to solving the various problems of entrepreneurs, in addition to providing all aspects of support to them, and allowing reference to a single institutional entity for everyone interested in this file,” Madbouly stated in a press release. He also confirmed that a charter for this initiative has already been prepared.
A Year of Foundational Work
The proposal is a result of extensive work conducted over the past year by the Ministerial Group for Entrepreneurship. Minister of Planning and International Cooperation, Rania Al-Mashat, revealed that the group held 50 meetings involving 250 representative entities and 160 startups.
This collaborative effort led to the identification of 80 specific procedures and action points related to entrepreneurship and startups, based on direct feedback from government agencies and the startup community.
Al-Mashat noted, “The needs of companies in the expansion phase also require complementary tools and policies specifically designed for them.”
Ready-to-Launch Initiatives
Based on the groundwork laid by the ministerial group, several initiatives are now ready for launch. These include:
- A unified definition and classification system for startups, activating Law No. 152 of 2020.
- A unified government guide detailing all services available to startups.
- A consolidated financing initiative and a dedicated program for mature-stage startups.
- A package of facilitating measures and supportive policies to ease operational hurdles.
- The establishment of a central contact point, a dedicated website, and an observatory to monitor the implementation of entrepreneurship policies.
A Three-Pillar Strategy for Growth
Amr El Abd, Advisor to the Prime Minister for Entrepreneurship, outlined the three core pillars guiding the government’s strategy. The first is the firm belief that entrepreneurship is a primary driver of sustainable economic growth.
The second pillar focuses on enhancing collaboration and coordination among all relevant authorities to improve the ecosystem based on best practices. The third pillar aims to “highlight Egypt’s role as a key player in the global entrepreneurship community, thereby enhancing the confidence of entrepreneurs and attracting investors from all over the world,” explained El Abd.
About The Ministerial Group for Entrepreneurship
The Ministerial Group for Entrepreneurship is an Egyptian government body formed by a decree from the Prime Minister. Its primary objective is to enhance the capacity of startups and the entrepreneurial environment to achieve sustainable and accelerated economic growth based on competitiveness. The group works to adopt supportive policies for startups across all stages, from idea and incorporation to growth, expansion, and exit.
Source: Economy Plus
