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Daily News Egypt
a day ago
- Business
- Daily News Egypt
OECD report provides roadmap for Egypt's SME and startup sector
The Organisation for Economic Co-operation and Development (OECD) and the Egyptian government have launched a report on small and medium-sized enterprise (SME) policy, which Cairo will use to update its national strategy for the vital sector, the government said on Saturday. The report, part of a cooperation programme between Egypt and the OECD, provides an analysis of the opportunities and challenges facing SMEs and entrepreneurs. It highlights the sector's significant potential but points to a need to encourage innovation and transition businesses from the informal to the formal sector, according to a government statement. SMEs represent more than 90% of economic activity in Egypt. Minister of Planning and International Cooperation Rania Al-Mashat said the report reflects the government's efforts to transform Egypt into a competitive, innovation- and knowledge-based economy. She noted the role of a ministerial group for entrepreneurship in coordinating efforts to support startups and said a 'Startup Charter' would be launched soon. Bassel Rahmy, head of the Micro, Small, and Medium Enterprises Development Agency (MSMEDA), stated that the agency would work to activate the report's recommendations in coordination with local and international partners. The report noted that Egypt, with a population of over 110 million, possesses a vast market and significant entrepreneurial potential. It also acknowledged that despite a boom in venture capital and investment in research, challenges remain in improving the business climate and enhancing competition. Among its key recommendations, the report called for developing a comprehensive annual database on small business performance and adopting an 'SME impact test' before approving new legislation, while also simplifying existing laws. It suggested establishing an independent mechanism to monitor SME law implementation. The report also recommended providing tax incentives for venture capital, increasing the capital of the Credit Guarantee Company (CGC), and creating a national strategy for digitising small businesses, which would include a tiered licensing system for fintech companies. Further proposals included developing a strategy for women's entrepreneurship and boosting the efficiency of business incubators through national accreditation standards. The cooperation between Egypt and the OECD falls under a Country Programme that has been extended until 2025. The programme includes 35 projects across five main axes, designed to integrate international expertise into Egypt's national development strategy, 'Egypt Vision 2030.' Egypt recently assumed the co-chairmanship of the OECD's Middle East and North Africa (MENA) Initiative on Governance and Competitiveness for the period 2026-2030, alongside Italy and Turkey.
See - Sada Elbalad
a day ago
- Business
- See - Sada Elbalad
Al-Mashat Supports OECD SME Report in Egypt
Israa Farhan As part of Egypt's ongoing collaboration with the Organisation for Economic Co-operation and Development (OECD), Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, hailed the launch of a new OECD report on SME and entrepreneurship policy in Egypt. This report was released as part of the Country Programme for cooperation between Egypt and the OECD. The report aims to provide a precise analytical vision of the opportunities and challenges facing SMEs and entrepreneurs in Egypt, in addition to offering a set of recommendations based on international standards and best practices from countries with successful experiences applicable in the Egyptian context. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, explained that the report highlights the significant potential of the entrepreneurship, startup, SME, and micro-enterprise sectors in Egypt. It also reflects the government's efforts to transform into a competitive, innovation- and knowledge-based economy. Al-Mashat emphasized the importance of cooperation with the OECD within the framework of the Country Programme by preparing diagnostic reports that showcase the capabilities of the Egyptian economy and provide numerous recommendations that drive economic development. The minister commended the continued constructive cooperation within the framework of the Country Programme between Egypt and the OECD, which has been extended until 2025. This program serves as a fundamental pillar of joint cooperation, acting as a vital tool to integrate international expertise into Egypt's national development strategy, especially "Egypt Vision 2030" and the National Structural Reforms Program. The program includes 35 projects distributed across five main axes, designed through an extensive participatory process, reflecting Egypt's commitment to policy coherence and adopting reforms that align with the national reform agenda. Al-Mashat also pointed to the role played by the Ministerial Group for Entrepreneurship, in coordination with various relevant national authorities, to encourage an environment of innovation and entrepreneurship and support startups. This is achieved by studying various challenges facing the sector and working to overcome them. She noted that the Startup Charter has been finalized and will be launched soon, in addition to a package of anticipated facilities for the sector. In this context, Bassel Rahmy, CEO of the Micro, Small, and Medium Enterprises Development Agency (MSMEDA), stated that the report comes within the framework of Egypt's Country Programme, which is conducted under the patronage of the Ministry of Planning, Economic Development and International Cooperation, in coordination with MSMEDA and in cooperation with the OECD. This initiative aims to implement the entrepreneurship and SME project, which includes preparing a report on "Review of SME and Entrepreneurship Policy Frameworks in Egypt, with a focus on two axes: financial and technological services and digital transformation." This was done in consultation and partnership with relevant stakeholders. The report contained a detailed analysis of the current performance of projects and key national initiatives, in addition to analyzing sectoral gaps and formulating and presenting recommendations that would develop and enhance the project and entrepreneurship sector according to international best practices. The report indicated the importance of the project sector in Egypt, as it represents 90% of the activities of the Egyptian economy. Rahmy pointed out that MSMEDA, in cooperation with the Ministry of Planning, Economic Development, and International Cooperation, seeks to update the National Strategy for Micro, Small, and Medium Enterprises and Entrepreneurship. This strategy will activate the recommendations included in the report and put them into effect in coordination and partnership with all local and international development partners. The report indicated that Egypt, as the most populous country in the Middle East and North Africa (with over 110 million people), possesses a vast market and significant entrepreneurial potential. It also noted that the Egyptian economy, despite global challenges, has been among the fastest-growing in the region over the past five years. The report clarified that Egypt Vision 2030 gives special attention to the development of SMEs and innovative startups, and to enhancing the role of the private sector. This aligns with global trends towards a knowledge-based, innovation-driven, and entrepreneurial economy. The report also outlined the significant potential of the SME sector in Egypt, as it represents more than 90% of economic activity in Egypt, with the majority of projects concentrated in the trade and services sectors. It underscored that despite the high number of public startups in entrepreneurship, there is a gap that needs to be addressed by encouraging innovation, increasing productivity, and transitioning from the informal to the formal sector. The report added that despite significant investments in education and scientific research, and a boom in venture capital, some challenges still face small businesses. It emphasized the importance of continuing recent efforts to simplify procedures, improve the business climate, and enhance competition. The report also touched on the launch of the Ministerial Group for Entrepreneurship, which coordinates government efforts in implementing policies supporting startups, helping them access international markets, and linking the innovative solutions offered by these companies to sectoral challenges. It also noted the coordinating role of MSMEDA among government entities for sector development. The report stressed the importance of elevating decentralization policies that consider geographical differences among governorates, by designing local programs that account for spatial disparities. It also praised the level of digital transformation in Egypt and recommended developing a national strategy for digitizing small businesses, including providing tax incentives and encouraging digital transformation. In the field of financial technology, the report called for establishing a tiered licensing system for fintech companies, expanding the base of digital payments, and integrating digital financing tools into general business policies. The report concluded with several key recommendations, including developing a comprehensive annual database on the performance and characteristics of small businesses and entrepreneurship, adopting an "SME impact test" before approving any new legislation, reviewing and simplifying old laws, establishing an independent mechanism to monitor the implementation of the SME law and prepare annual reports with the participation of relevant authorities, providing tax incentives for venture capital, developing a strategy for women's entrepreneurship in cooperation between MSMEDA and the National Council for Women, boosting the efficiency of incubators by setting national standards for accreditation and evaluation, and strengthening the role of the Credit Guarantee Company (CGC) and increasing its capital to expand the scope of guarantees granted to micro-enterprises. It is worth noting that Egypt recently assumed the co-chairmanship of the OECD's Middle East and North Africa (MENA) Initiative on Governance and Competitiveness for Development for the period 2026-2030, alongside Italy and Turkey. During her participation in the OECD Ministerial Council meetings in Paris earlier this June, H.E. Dr. Rania Al-Mashat met with Mr. Mathias Cormann, the OECD Secretary-General, to discuss ways to enhance cooperation between the two sides and follow up on the implementation of the Country Programme. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
Daily Tribune
19-04-2025
- Business
- Daily Tribune
UNDP Arab States Chief to Visit Bahrain for Launch of New Development Cooperation Programme
The United Nations Assistant Secretary-General and Director of the Regional Bureau for Arab States at the United Nations Development Programme (UNDP), Abdallah Al Dardari, will visit the Kingdom of Bahrain from April 20 to 22, marking a significant step in deepening the country's development partnership with the UN. The visit comes as Bahrain and UNDP embark on a new phase of cooperation with the official launch of the Bahrain Country Programme Document (2025–2029), which was approved by the UNDP Executive Board in January 2025. The new Country Programme outlines a roadmap to support Bahrain's national priorities, focusing on inclusive and diversified economic growth, strengthening governance and human rights institutions, and advancing environmental sustainability and climate action. These initiatives are aligned with Bahrain Economic Vision 2030 and the Sustainable Development Goals (SDGs). During his visit, Al Dardari will meet with senior government officials, civil society leaders, and development partners to discuss strategic areas of cooperation and explore ways to further deepen collaboration. Key focus areas include entrepreneurship development, climate change resilience, and data-driven policymaking. UNDP has been a long-standing development partner of Bahrain since the early 1970s, supporting the Kingdom in various sectors including human development, governance reform, youth empowerment, climate resilience, and gender equality. The visit will also serve as a platform to explore innovative partnerships, resource mobilization strategies, and opportunities for regional knowledge-sharing that can benefit other Arab states. The launch of the new cooperation cycle is expected to further strengthen Bahrain's position as a proactive player in regional development and sustainability efforts
