Egypt's Prime Minister Mustafa Madbouli has instructed to establish a permanent cabinet unit assigned with proposing policies, laws and regulations that ensure the growth and prosperity of startups in Egypt.
The unit, which will be chaired by the executive director of the General Authority for Investment and Free Zones (GAFI), will have the discretion to hire experts for assistance in the assigned task, according to a statement by the cabinet.
The unit's membership will comprise representatives from the cabinet and some ministries, including the Ministry of Supply, Planning and Economic Development, Finance, Communications and Information Technology, and Trade and Industry.
The unit will also include representatives from the Central Bank of Egypt and the Micro, Small, and Medium Enterprise Development Agency (MSMEDA).
The unit should issue a quarterly report outlining outcomes and recommendations; it will also provide mechanisms to put these outcomes and recommendations into effect.
The head of the unit will submit the report to the PM to take action. It will issue its first report one month following its formation.
Madbouli stressed the importance of providing clear incentives to establishers of startups and introducing specific regulations for their activities. He also called for creating an electronic platform for establishers of startups, the statement added.
Source: Al-Ahram Online
