Sahar Nasr stresses on role of entrepreneurship in promoting economy

CAIRO – 21 May 2017: Investment Minister Sahar Nasr highlighted some of Egypt’s successful entrepreneurial practices during a Friday session on the impact of early-stage companies on the community on the sidelines of the World Economic Forum (WEF) on the Middle East and North Africa at the Dead Sea.


The Davos forum was also attended by Omani Minister of Commerce Ali Bin Masoud Al Sunaidy, director of the office of the Crown Prince of Abu Dhabi Mona Hammami and Faris Zaher, executive director and one of the founders of Yamsafer. Each presented their own countries’ successful practices in the entrepreneurship field, according to a press release by the Egyptian ministry.


Philipp Rösler, head of Regional and Government Engagement and member of the Managing Board of the World Economic Forum Geneva, was among the high-profile attendees.


One of the Egyptian Ministry of Industry and Industrial Cooperation's main goals is to provide financial support to emerging companies, Nasr said, adding that the ministry established the “Egypt for Entrepreneurship and Investments” company, with LE 451 million ($24.9 million) in venture capital to bridge the funding gap facing nascent entrepreneurs.


She added that the venture capital is targeted to reach LE 1 billion.


She moreover underlined the role those early-stage companies play in effectively creating job opportunities and helping boost the economic situation, given the fact that the region has been plagued by high unemployment rates, especially among young people and women.


This came within the framework of the ministry's keenness to attract more foreign investment to Egyptian soil, the statement said, adding that Nasr reviewed the efforts taken by the ministry to collaborate with foreign funding institutions to finance the nascent practices, based on the previous successful experiences that contributed to the betterment of society.


"Entrepreneurial ventures' success is measured by the social change they made," Nasr said, citing the example of the solar energy generator "Solarize Egypt," which expanded into 40 solar power plants with a total capacity of 1.8 kilowatts.