Egypt is moving to establish a regulatory framework for a new program that aims to help at least five Egyptian startups reach unicorn status over the next five years, according to the Ministry of Planning and Economic Development.
Minister Ahmed Rostom discussed the program’s implementation steps and timeline with executives from N I Capital, alongside plans to launch a dedicated startup fund and strengthen financing for the country’s entrepreneurship sector.
Rostom called for an urgent launch date for the fund, which is intended to mobilize financing for entrepreneurs and help promising companies expand across regional and global markets. The ministry did not disclose a target size for the fund.
The meeting also covered the government’s broader efforts to coordinate support through the Ministerial Committee for Entrepreneurship and improve collaboration between startups, investors and public-sector stakeholders.
Rostom also reviewed the implementation plan for entrepreneurship and startups. The plan aims to create a unified official definition for startups and make it easier for them to access available incentives.
The minister said entrepreneurship is a key pillar of economic development because of its contribution to innovation, investment, job creation and competitiveness.
Source: Alborsa News
