PM: Egypt reaffirms support for youth entrepreneurship

Egypt’s Prime Minister Moustafa Madbouly reaffirmed the government’s commitment to supporting entrepreneurship, recognising the country’s substantial potential in its youth, according to a statement published by the Cabinet on Monday.

In a recent meeting with representatives of 10 international entrepreneurial companies, the Prime Minister emphasised the importance of empowering young entrepreneurs and creating a conducive environment for business growth.

A ministerial group for entrepreneurship, led by the Minister of Planning, Economic Development, and International Cooperation, has been established to address any challenges and promote entrepreneurship in Egypt, Madbouly said.

He emphasised the potential of this sector and pledged to support its growth in the Egyptian economy. Amr El Abd, an advisor to the Prime Minister, will oversee this initiative, the statement added.

The 10 firms reached major milestones, securing $1.4 billion in investments, generating $900 million in revenue, and creating 45,000 jobs. Efforts are underway to double the sector’s turnover from $500 million to $5 billion, as stated by Amr El Abd.

Attribution: The Egyptian Cabinet statement

Subediting: M. S. Salama