The decision stated that the unit will be chaired by the executive director of the General Authority for Investment and Free Zones (GAFI), and will have the discretion to hire experts for assistance in the assigned task.
Mostafa Madbouly, Egypt’s Prime Minister, issued a decision to establish a permanent unit in the Egyptian Cabinet tasked with proposing appropriate policies, laws, and regulations for the growth and prosperity of startups in Egypt.
The decision stated that the unit will be chaired by the executive director of the General Authority for Investment and Free Zones (GAFI), and will have the discretion to hire experts for assistance in the assigned task.
The unit will include the membership of representatives from the ministries of: Supply and Internal Trade, Planning and Economic Development, Finance, Communications and Information Technology, and Trade and Industry. The unit’s membership will also have representatives from the Central Bank of Egypt, GAFI, and he Micro, Small and Medium Enterprise Development Agency (MSMEDA).
The decision also stipulates that permanent unit should issue a periodic report every quarter on the results of its work, recommendations and implementation mechanisms.
Madbouly also held a meeting today to discuss proposals to support and stimulate the entrepreneurship environment, attended by Mohamed Farid, Chairman of the Financial Regulatory Authority, Hossam Haiba, CEO of GAFI, and Basil Rahmi, Chairman of MSMEDA.
The Prime Minister affirmed the state's interest in supporting and stimulating the entrepreneurship ecosystem, stressing that urgent and rapid action is required in order to stimulate and facilitate the procedures for establishing startups.
Madbouly also emphasized the importance of having an electronic platform for establishing startups to make the process more efficient and easier.
