International Cooperation Minister Sahar Nasr talks during an interview with Reuters in Cairo, Egypt, December 8, 2015. Egypt expects to receive $1.5 billion from the World Bank and African Development Bank by year-end to support the budget and could disc
CAIRO – 11 November 2018: The Egyptian government works as one team to empower youth and women, and to have an integrated system to support entrepreneurs, according to Minister of Investment Sahar Nasr said.
Nasr added that the ministry focuses on three main axes: a supportive framework and a portfolio of entrepreneurship, transforming young people's dreams into reality, and the idea of a project on the ground, which is resulted in “Fekratk Sherkatk initiative”, which came through meetings with young people as well as listening to their ideas and challenges.
The initiative is based on a partnership with entrepreneurs providing 100 percent support and the funding of up to LE 500,000, she noted.
The minister added that the investment law stipulates supporting entrepreneurship and includes tax and non-tax incentives for investors worth up to 50 percent of the investment cost.
The new investment law includes a number of clear incentives and full guarantees for investors, providing them with several incentives and treating men, women, Egyptian and foreign investors equally.
The law also stipulates that foreign employees should not exceed 20 percent of the total number of workers in projects established by non-Egyptian investors.
This came during the inauguration of the 1st International Scientific Conference of the Faculty of Management, Economics and Information Systems at the Egyptian University of Science and Technology entitled "Entrepreneurship and Socio-Economic Development ... Women Empowerment and Youth Employment " in the presence of Minister of Finance Mohamed Ma’it.
From his part, Ma’it called on young people to be creative out of the framework of ambition to be leaders, explaining that the youth represents most of Egyptian society and noting that it’s the first time for Egypt to have eight women ministers in the government.
He stated that his ministry cooperates with Ministry of Investment to facilitate work for investors.
The conference rapporteur Zainab al-Jawady said that the event targets the golden triangle for empowering women and young people, the employment of young people for sustainable development and the rise in economic levels of societies to investors.
The conference’s objective are to promote a culture of entrepreneurship among university students and graduates, sponsor the ideas of pioneers and entrepreneurs, highlight the role of university incubators in entrepreneurship development, and support small and medium enterprises to empower women and employ young people to promote socio-economic development in all sectors of the national economy.