The Ministry of Investment and International Cooperation signed EGP 10m grant agreement with the African Development Bank (AfDB) on Sunday, to promote entrepreneurship ecosystem in Egypt, as part of the ministry’s Fekretk Sherketk (Your idea is your company) initiative.
The grant agreement aims to back the ministry’s entrepreneurship support centre through expanding its services, according to a statement by the ministry, noting that the center’s activities include building capacity of the entrepreneurs and raising awareness of the innovative financial instruments especially for women outside Cairo.
The new cooperation with the AfDB will play an important role in developing the entrepreneurship activities through offering the needed legislative assistance to the entrepreneurs, Minister of Investment Sahar Nasr said, asserting her ministry’s keenness on adopting policies that support different kinds of projects with all sizes.
“Supporting startups is a priority for us. All the international statistics assert that the small and medium enterprises offer many job opportunities for youth and women,” Nasr mentioned.
Egypt is keen to have an integrated platform for supporting youth in Africa, she said, noting that the New Investment Law encourages entrepreneurs.
AfDB launched an initiative to support entrepreneurs throughout the region and provide grants to support innovations and startups in 2016, Malinne Blomberg, country manager of Egypt at AfDB, said, praising Egypt’s efforts in supporting entrepreneurs and legislative reforms that has been adopted to improve the business and investment environment.
Egypt’s position in the Global Innovation Index (GII) is advancing due to the recent legislative reforms, Blomberg said, adding that Fekretk Sherketk is a good hub for offering services to entrepreneurs.