Egypt plans for unified initiative to support over 5,000 startups

Updated 2/5/2025 3:39:00 AM

Arab Finance: Egypt is considering launching a unified financing initiative aiming to support over 5,000 startups, with 500 of these targeted companies attracting over $1 million each in investments, as per a statement.

The initiative seeks to position Egypt as a leading hub for innovation and entrepreneurship in the Middle East and Africa, creating 500,000 job opportunities.

It targets startups that contribute to sustainable development and economic empowerment for women.

During a meeting chaired by Prime Minister Mostafa Madbouly, the initiative was presented by the Minister of Planning and Economic Development and International Cooperation Rania Al-Mashat.

Al-Mashat noted that a final draft to determine priorities for startups and the proposed recommendations in this regard will be presented to international development partners.

The meeting focused on steps to strengthen Egypt’s startup ecosystem by simplifying registration processes, providing financial incentives, and enhancing investor confidence.

Among the measures discussed were simplified licensing procedures through a unified electronic platform, partial funding for employee training, expanded support from business incubators, and tax incentives to reduce operational costs for startups.

Efforts to promote Egypt’s startup sector in international exhibitions were also emphasized as key to drawing global investors and strengthening Egypt’s global image in entrepreneurship.