Egypt's Minister of Finance, Ahmed Kouchouk, announced the plan during a dialogue at the Techne Summit for Entrepreneurship and Technology. The summit is an international investment and entrepreneurship event focused on connecting startups, investors, corporates, and policymakers across the Mediterranean region. Kouchouk emphasized that dialogue with startups and entrepreneurs is a "source of inspiration" that helps drive innovation and development.
The two new funds aim to support specific activities and sectors, with the Ministry of Finance cooperating with the Ministries of Investment and Industry. Kouchouk stated that the ministry is ready to finance innovative initiatives that contribute to Egypt's economic growth and competitiveness. The Micro, Small, and Medium Enterprises Development Agency (MSMEDA) provides concessional financing to companies.
The Egyptian government has allocated EGP 80 billion in the current state budget to programs supporting and stimulating production, exports, and entrepreneurship. Kouchouk stressed that the finance ministry's role is to support economic activity and stimulate growth while maintaining financial stability. The minister highlighted the importance of digital transformation in improving services for citizens.
The digital transformation initiative aims to simplify procedures and make services easier and more efficient to access. The real estate tax mobile application has seen a positive response from citizens, with over 1.2 million people registered on the platform. The application is being continuously developed to further simplify procedures and improve the quality of services provided.
Supporting micro, small, and medium enterprises (MSMEs) is at the core of Egypt's economic development plan. The sector represents over 90 percent of the private sector in the country and generates 43 percent of its GDP. Egypt launched the Startup Charter early this year as a guide for legal and regulatory support for the sector.
The Startup Charter aims to support 5,000 startups, expand access to international markets, and create around 500,000 direct and indirect jobs. Kouchouk also mentioned the simplified tax system, a purely Egyptian initiative aimed at encouraging small businesses and supporting their growth and expansion.
The finance ministry's efforts to support entrepreneurship and investment are part of a broader strategy to drive economic growth and development. The minister's announcement at the Techne Summit highlights the government's commitment to fostering innovation and entrepreneurship in Egypt.
Key points
- The Egyptian government plans to establish two new funds to support investment and industry.
- The funds aim to support specific activities and sectors, with a focus on innovation and entrepreneurship.
- The Egyptian government has allocated EGP 80 billion to programs supporting production, exports, and entrepreneurship.
