The heads and representatives of ten prominent entrepreneurial companies met with PM Mostafa Madbouly to make the announcement.

The Prime Minister claimed that, particularly in light of Egypt’s young population, the government understands the value of encouraging entrepreneurship.

“Everyone acknowledges that this is a promising sector, and we will translate this into the Egyptian economy by providing the necessary support,” PM Mostafa Madbouly said, as reported by Zawya.

Under the direction of the Minister of Planning and Economic Development, the government has formed a special ministerial committee devoted to entrepreneurship to facilitate and encourage entrepreneurship in Egypt. To keep tabs on developments, Mostafa Madbouly also designated Amr El-Abd as the Prime Minister’s advisor.

El-Abd pointed out that the prime minister is giving this industry a lot of attention, and that the ten businesses in attendance are some of the fastest-growing in the area. With a combined market value of USD 3 billion, these businesses have drawn USD 1.04 billion in investments and produced USD 900 million in revenue. Approximately 45,000 jobs have also been created by them, which has improved Egypt’s productivity and competitiveness and placed it on the international entrepreneurial map.

“Efforts are underway to raise the size of this sector, aiming to increase investments from USD 500m to USD 5bn,” El-Abd said.

In their presentations, company representatives highlighted the investments they had made, the jobs they had created, and the difficulties they had encountered. Their businesses focus on several industries, such as retail financial services, consumer goods distribution, stock exchanges, healthcare, real estate financing, and financial technology.

In addition to expressing pride in their achievements, PM Mostafa Madbouly reaffirmed the government’s commitment to offering any assistance that may be required. He emphasised the ambitious goal of raising investments in the sector from USD 500 million to USD 5 billion. He asked for a comprehensive action plan that outlines the precise requirements needed to meet this target.

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