May 19, 2020

Entrepreneurship in Egypt to be financed LE10mn (US$600,000) by African Development Bank

African Development Bank
Finance
Egypt
entrepreneurship
Leah Netabai
2 min
Entrepreneurship in Egypt to be financed LE10mn (US$600,000) by African Development Bank

The Ministry of Investment and International Cooperation (MIIC) in Egypt on Sunday, 28. July 2019 signed a LE10mn (US$600,000) grant with African Development Bank (ADB) to develop the environmental system for entrepreneurship. Those present at the signing included: Minister of Investment and International Cooperation, Dr. Sahar Nasr, Director of the African Development Bank in Egypt, Ms. Malin Blumberg and President of Egypt Investment in Entrepreneurship, Dr. Shehab Marzban. 

As part of the ministry’s Fekretk Sherketk initiative that supports Egyptian youth and entrepreneurs, the project aims to enhance and improve the environmental management system in Egypt. The project plans to do this by expanding access to services and information and provide specific entrepreneurship business development. The project also aims to create a digital platform and capacity build in relation to training courses, study tours and workshops to raise awareness. 

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Minister of Investment Sahar Nasr, has stated that one of the most important reforms undertaken by the ministry is supporting emerging companies. “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.” 

Director of African Development Bank, Malin Bloomberg, has praised Egypt’s efforts in supporting entrepreneurs and women which the bank itself is keen to support with the launch of their initiative back in 2016 to support entrepreneurs throughout the region as well as providing grants to support innovation and emerging companies.

Egypt has begun to advance its position in the Global Innovation Index (GII), Malin Bloomberg, has stated this is due to the recent legislation reforms noting that Fekretk Sherketk is a good hub for offering services to entrepreneurs.

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