Cairo: Minister of Planning, Economic Development, and International Cooperation and Head of the Ministerial Group for Entrepreneurship Rania el Mashat announced on Saturday the launch of Egypt's Startup Charter, a crucial component of the nation's entrepreneurship support policies.
According to State Information Service Egypt, the charter is the result of over a year of consultations involving 15 national entities and more than 250 representatives from the startup community, entrepreneurs, and parliamentary council members. This initiative, under the guidance of the Ministerial Group for Entrepreneurship, marks a significant shift in the government's approach to supporting startups and innovators, aligning with President Abdel Fattah El Sisi's directives to bolster startup support.
The charter's launch took place during the 13th annual 'Rise Up' Summit for Startups, attended by Prime Minister Mostafa Madbouli, Mashat, key ministers, and representatives from startups, venture capital funds, and support entities. It aims to strengthen Egypt's entrepreneurship ecosystem through strategic objectives over the next five years, targeting the support of 5,000 startups and the creation of approximately 500,000 job opportunities.
Mashat emphasized the charter's role as an actionable tool rather than just a theoretical document. It aims to update startup-related policies and legislation in Egypt, reflecting technological advancements and market needs. Priorities were established through extensive consultations to enhance Egypt's business environment with clear objectives to support innovation and investment.
The charter introduces a unified definition of startups, characterized by rapid growth and innovation, enabling them to access various incentives through classification certificates. It also includes a financing initiative to mobilize USD 1 billion over five years, combining government resources with private sector investments.
Additionally, the Ministerial Group for Entrepreneurship has outlined comprehensive guidance for startups on navigating government services, permits, and compliance, enhancing their market entry and growth potential. This guidance aims to fortify Egypt's entrepreneurship ecosystem through transparent regulations.
Collaborations with Intilaaq company and UN Women helped shape the charter, which includes measures to bridge procedural gaps and improve the startup ecosystem. These measures address financing mechanisms, tax procedures, and regulatory challenges, aiming to create a more conducive environment for startups.
The charter also plans to launch a program targeting startups in the scale-up stage, promoting their growth through stock market listings, strategic exits, and international expansions, with the goal of creating new billion-dollar 'unicorn' companies in Egypt.
An Entrepreneurship Policy Observatory will monitor the charter's implementation, supported by periodic reports and a Council of Elders from the entrepreneurship community to ensure effective oversight and progress evaluation.
The establishment of the Ministerial Group for Entrepreneurship was decreed by the Prime Minister in September 2024, underscoring the government's commitment to fostering startup capacity and economic growth through competitive and knowledge-based strategies.