The Egyptian government has announced a major initiative to inject EGP 50 billion into its startup ecosystem, aiming to directly support approximately 5,000 emerging companies. The plan was detailed by Prime Minister Dr. Mostafa Madbouly and Dr. Rania Al-Mashat, Minister of Planning and Economic Development, during a meeting with the Digital Economy and Entrepreneurship Advisory Committee, reinforcing the government’s commitment to fostering innovation and digital transformation.
The comprehensive strategy, driven by the Egyptian Ministry of Planning and Economic Development, is designed to position entrepreneurship as a cornerstone of the nation’s economic development and human capital goals.
The Startup Charter for Egypt
A key component of this initiative is the newly formulated “Startup Charter for Egypt.” Dr. Al-Mashat explained that this charter is the first integrated framework of its kind in the country, created to establish a favorable environment for startup growth and expansion.
The charter sets ambitious goals, aiming to attract $5 billion in startup investments over the next five years. This influx of capital is projected to create approximately 500,000 direct and indirect jobs. To facilitate this, the charter includes over 80 stimulating government procedures and policies, as well as a precise legal definition for “startups” to ensure that support and incentives are efficiently directed.
A Unified Funding Initiative
The EGP 50 billion unified funding initiative will be the primary financial engine of the new plan. It targets around 5,000 startups for support, with a special focus on 500 high-potential companies that are candidates to attract individual investments exceeding $1 million.
To further streamline operations for founders, the government is also developing a comprehensive guide to government services and licenses tailored for startups. This guide will detail all the necessary legal steps and procedures, simplifying market entry and compliance.
Strategic Sector Focus
The government’s plan prioritizes 12 key sectors deemed crucial for national development and innovation. Among the highlighted sectors are EdTech, HealthTech, AgriTech, and TourismTech.
A significant emphasis has also been placed on technology with a societal impact, signaling the government’s intent to support ventures that address pressing social and environmental challenges while driving economic growth.
About The Egyptian Ministry of Planning and Economic Development
The Ministry of Planning and Economic Development is the Egyptian government body responsible for formulating and coordinating the nation’s long, medium, and short-term development plans and policies. It also manages public investments and is tasked with monitoring and evaluating national programs to align with Egypt’s sustainable development strategy.
Source: Veto Gate
