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MoIC and Egypt Ventures launch #GenerationNext forum this weekend

The #GenerationNext event highlights the key role of the entrepreneurial scene in stimulating the Egyptian economy, pushing GDP growth through direct and indirect investments

By: Business Today Egypt

Tue, Jun. 22, 2021

As Egypt builds itself to be more of a Knowledge Economy and lean into its entrepreneurial scene, the Ministry of International Cooperation (MoIC) and Egypt Ventures, under the auspices of H.E. Dr. Mostafa Madbouly is launching the Generation Next forum.

Focusing on enhancing the country’s position as a regional hub for startups, as well as increasing its competitiveness and resilience, the #GenerationNext event highlights the key role of the entrepreneurial scene in stimulating the Egyptian economy, pushing GDP growth through direct and indirect investments.

The #GenerationNext forum is set to promote Egypt as a dynamic and tech-savvy startup scene ripe of investment, and will look at how to create effective links between large companies and startups to stimulate innovation through development projects.

The event will include Aymal Ismail, the Founder and Managing Director of the American University in Cairo’s Venture Lab; and Wael Amin, the Co-Founder and Managing Partner at Sawari Ventures, alongside other tech-based startups.

The event will be attended by the Minister of International Cooperation Dr. Rania Al-Mashat, and over 400 representatives from a community of entrepreneurs, innovators and startups, alongside multilateral and bilateral development partners such as Hasan Al-Attas, the Director General of Operation and Head of the Saudi Grant Management Committee at the Saudi Fund for Development (SFD); Malinne Blomberg, the Deputy Director General of African Development Bank (AfDB) in the North Africa Region; and Leslie Reed, the USAID Mission Director for Egypt.

It will feature several panels on the role of international financial institutions (IFIs) in further developing the technology startup scene, the impact of partnerships with development partners to facilitate access to finance.

An action plan will also be discussed on the implementation of the environmental, social and governance (ESG) principles and the achievement of the Sustainable Development Goals (SDGs) through startups.

The event will also looks at how to boost Egypt's position as an attractive destination for startup investment, as well as creating active links between major and startups to stimulate innovation, especially through development projects.

Al-Mashat pointed out that Egypt Ventures is the first Egyptian company with governmental contributions specialized in investing, supporting and encouraging entrepreneurship in the field of technology.

According to an MoIC statement, Startups play a vital role in the era of the fourth industrial revolution in driving development plans, and played a significant role in supporting business continuity during the coronavirus pandemic.

It noted that the ministry’s Development Cooperation portfolio has 34 projects centered on innovation, digitization and entrepreneurship worth $13 billion, which contributes to Egypt’s 13 sustainable development goals.

Entrepreneurship reflects the state's commitment to enhance this experience. It is pointed out that the volume of investment in startups in Egypt in 2020 was approximately $190 million in 114 transactions, up 30% compared to 2019, Egypt ranks second in 2020 after the UAE.