In an effort to enhance the investment and legislative environment for entrepreneurs in Egypt, Basil Rahmi, CEO of the Micro, Small, and Medium Enterprise Development Agency (MSMEDA), has witnessed the signing of a significant Memorandum of Understanding (MoU) between the agency and Entlaq, a company dedicated to supporting entrepreneurship. This partnership aims to create a more favourable landscape for entrepreneurs while also equipping young men and women with the skills needed to establish, manage, and grow micro, small, and medium enterprises (MSMEs) and startups.
The MoU was formally signed by Raafat Abbas, Deputy CEO of MSMEDA, and Mohamed Ehab, CEO of Entlaq.
Rahmi emphasized MSMEDA’s unwavering commitment to fostering entrepreneurship and providing a supportive ecosystem for growth. This initiative aligns with the government’s directives to comprehensively support MSMEs, particularly those that drive innovation and hold significant economic potential. Rahmi highlighted that the collaboration with Entlaq will specifically focus on implementing the Enterprise Development Law No. 152 of 2020, particularly in relation to entrepreneurship and innovative projects. Entlaq will work closely with the Authority to assess existing provisions and propose necessary amendments, aiming to address the challenges faced by entrepreneurs in Egypt.
Furthermore, this collaboration extends beyond legal aspects. MSMEDA and Entlaq will provide additional financial and technical services, particularly targeting startups, investment funds, venture capital firms, business accelerators, incubators, universities, and NGOs. By enhancing the competitiveness of these enterprises both locally and globally, they contribute to the government’s strategy of promoting economic stability across all societal segments. Leveraging information technology, MSMEDA aims to improve its IT and communications capabilities in interactions with business owners.
Mohamed Ehab, CEO of Entlaq, emphasized that this MoU is part of their broader efforts to facilitate communication between entrepreneurs, investors, and the government. Entlaq envisions transforming Egypt into a regional and continental hub for entrepreneurship in the Middle East and Africa. Through this partnership, they will highlight the incentives provided by Law No. 152 of 2020, propose amendments where necessary, and prepare periodic reports on Egypt’s entrepreneurship sector. Additionally, they will create a comprehensive map of government services available to startups and advocate for policies that support digital transformation and the development of the government’s service ecosystem.
Entlaq’s commitment extends to consulting services and training programs for youth and startups, further solidifying Egypt’s position as a thriving hub for entrepreneurship.
