African Development Bank finances entrepreneurship in Egypt by LE 10M

CAIRO – 29 July 2019: Ministry of Investment and International Cooperation signed a LE 10 million grant with the African Development Bank (ADB) on Sunday to strengthen the environmental management system for Fekratk Sherkatk initiative.

"The grant aims at strengthening the environmental ecosystem of entrepreneurship, which aims to contribute to enhancing and improving the environmental system of entrepreneurship in Egypt by strengthening the role of the Entrepreneurship Center," Minister of Investment Sahar Nasr said.

Nasr added in a statement that the project also includes the development of services for entrepreneurs, the provision of technical and legal information and the provision of business development services to small investors and innovative entrepreneurs.

The minister explained that a central administration has been established under the name of "Central Administration of Entrepreneurship –Fekratk Sherkatk" in the organizational structure of the General Authority for Investment after the great success achieved by the initiative in its first year and to achieve the principle of sustainability and continuity of the initiative.

She pointed out that one of the most important reforms undertaken by the ministry is to support emerging companies, pointing out that all the global statistics confirm that small and medium enterprises are providing employment opportunities for young people and women.

For her part, Director of the African Development Bank Malin Bloomberg said that the bank is keen to support entrepreneurship, pointing out that in 2016 the bank launched an initiative to support entrepreneurs throughout the region and provide grants to support innovations and emerging companies.

She also praised Egypt's efforts in supporting entrepreneurs and women and in backing legislative reforms to improve the business and investment environment.

Egypt has recently recorded a progress in the innovation index, meeting the challenges and launching legislative reforms that reflected in the Doing Business Report last year, Bloomberg said, praising the efforts of the Ministry of Investment and International Cooperation in supporting entrepreneurship and providing technical support to emerging companies.

She lauded Fekratk Sherkatk initiative and the Entrepreneurs' Center established by the ministry to provide technical support to entrepreneurs, noting that the aim of this agreement is to support the ministry efforts to enhance entrepreneurship.