Regarding a question from Mr. Amir Sharif, one of the entrepreneurs – who founded the “Wadhf” and “Forasna” websites, which are one of the largest employment websites in Egypt and have contributed to employing more than a million Egyptians in the past years – about the investment climate for entrepreneurship and some of the challenges facing it. Emerging projects in Egypt. The Prime Minister confirmed that he had already heard the challenges facing emerging companies in Egypt, and one of the steps that was implemented in coordination with the Minister of Communications and Information Technology was raised, when the importance of not requiring these companies to have a physical headquarters was raised. There was the idea of registering a company that operates virtually. This file is already being worked on.
He announced that the government is working very seriously to support this sector, and the representatives of this sector have a golden opportunity to come up with a clear working paper, which includes a plan for what is required of the state in order to launch the sector in Egypt, stressing that Egypt does not lack brains at all, and we have great confidence in that, The most important thing is that the climate be attractive, so they were asked to have a clear and specific plan, and it is the state’s role to translate this plan on the ground.
In the same context, Mr. Ahmed Hamouda, the entrepreneur, and one of the founders of the “Tinder” platform, spoke, which helps people invest in Egyptian companies on the stock market, and in investment funds. It has become one of the largest companies in this field within 3 years, and has contributed to facilitating investment and educating individuals in a way. big. Mr. Ahmed Hamouda requested that there be greater incentives for companies to list on the stock exchange, as part of creating a project that overcomes all obstacles facing companies and provides incentives for listing on the stock exchange.
Dr. Mostafa Madbouly stressed the importance of the idea of launching these companies in Egypt so that they also have local financing mechanisms, pointing out the importance of following up on the necessary procedures for implementation. Saying: I would be happy to receive your suggestions in this regard.
A representative of the World Bank expressed his admiration for the interest that the state and its government pay to the entrepreneurship sector and emerging companies, and its interest in identifying the problems of entrepreneurs and undermining the challenges they face, stressing that the World Bank is supportive of this vital sector.
The discussion revolved around the support of other international institutions for the entrepreneurship sector, and the need to avoid relatively complex procedures and usual mechanisms by banks and financing institutions in order to simplify procedures and provide all types of approvals and access to financing for such innovative initiatives.
