GAFI and African Development Bank Elevate Egypt's Entrepreneurial Sphere

GAFI and African Development Bank Elevate Egypt's Entrepreneurial Sphere

By Staff Writer, 26 April 2024

In a landmark collaboration, the General Authority for Investment and Free Zones (GAFI) joined forces with the African Development Bank to propel Egypt's entrepreneurial ecosystem to new heights.

The joint initiative, which recently concluded, has significantly augmented the capacities of entrepreneurs and startups across the nation.

The culmination of this transformative program was celebrated during a prestigious closing ceremony, graced by key luminaries including Hossam Heiba, CEO of GAFI; Dalia El-Hawary, Deputy CEO of GAFI; and Jehan El-Sukkary, Senior Socioeconomic Expert representing the African Development Bank in Egypt.

Under the "Your Idea, Your Company" center, generously funded by the African Development Bank, GAFI orchestrated an array of workshops and awareness sessions tailored to nearly 600 aspiring entrepreneurs and youth spanning 17 governorates over the course of a year.

These sessions served as a vital conduit, acquainting participants with government policies that champion entrepreneurship and fostering crucial networking opportunities among stakeholders spearheading startup initiatives.

Moreover, esteemed consulting firms lent their expertise, offering financial, tax, administrative, and technological consultancy services to 130 startups and entrepreneurs.

Heiba underscored GAFI's pivotal role in nurturing a vibrant entrepreneurial ethos among the youth and continually enhancing the business climate.

He lauded recent governmental strides in bolstering Egypt's startup ecosystem, citing the establishment of a dedicated unit within the Cabinet to provide unwavering support to startups, along with the introduction of an electronic registration service.

These initiatives underscore the government's unwavering commitment to empowering startups and propelling developmental endeavors forward.

El-Sukkary commended the program's steadfast alignment with the African Development Bank's overarching strategy, which places a premium on youth employment and fostering an enabling business environment.

The synergistic collaboration between the African Development Bank and GAFI has emerged as a cornerstone in fortifying Egypt's investment landscape.

El-Hawary reiterated GAFI's steadfast dedication to implementing policies conducive to entrepreneurship, while also streamlining procedures and eradicating bureaucratic hurdles, thereby creating a fertile ground for innovation and economic advancement.

Source: Daily News Egypt

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