Dr. Ahmed Rostom:
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We are implementing the Prime Minister's directives to strengthen Egypt's startup ecosystem as part of the Ministerial Group for Entrepreneurship.
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Activating the Egypt Entrepreneurship Center and establishing a "Fund of Funds" to expand financing opportunities for startups.
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Full coordination to support research projects by students and graduates, paving the way for a new generation of high-growth startups.
Dr. Abdelaziz Konsowa:
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Integration among state institutions enhances the competitiveness of higher education and strengthens its alignment with labor market needs.
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Transforming promising research outcomes into productive ventures supports Egypt's transition toward a knowledge-based economy.
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Sustainable financing mechanisms are essential for converting innovations and applied research into productive enterprises.
Dr. Ahmed Rostom, Minister of Planning and Economic Development, met with Dr. Abdelaziz Konsowa, Minister of Higher Education and Scientific Research, to discuss ways of strengthening coordination between the two ministries to further develop Egypt's innovation and entrepreneurship ecosystem.
The meeting aimed to support joint efforts between the two ministries and their affiliated entities to encourage researchers and entrepreneurs at Egyptian universities and transform innovative ideas into viable ventures that contribute to the country's sustainable development. The discussions took place within the framework of the Ministerial Group for Entrepreneurship, chaired by Dr. Hussein Eissa, Deputy Prime Minister, as part of ongoing efforts to enhance the competitiveness of the Egyptian economy.
The meeting was attended by Mr. Amr El-Abd, Advisor to the Prime Minister for Entrepreneurship; Dr. Heba Zaki, Director of the Egypt Entrepreneurship and Innovation Center; and senior executives of NI Capital, including Mr. Mohamed Metwally, Chairman of the Board; Mr. Hazem Kamel, Managing Director for Investment; and Mr. Rafea Saleh, Chief Executive Officer of the Entrepreneurship Sector.
Representing the Ministry of Higher Education and Scientific Research were Dr. Walaa Sheta, Chief Executive Officer of the Science, Technology and Innovation Funding Authority (STDF); Dr. Amr Allam, Assistant Minister for Institutional Planning and Acting Permanent Undersecretary of the Ministry; Dr. Hany Madkour, Assistant Minister for National Projects; Dr. Mohamed El-Sharkawy, Assistant Minister for Policies and Economic Affairs; in addition to a number of senior officials from the Ministry of Planning and Economic Development.
Dr. Ahmed Rostom reaffirmed the government's commitment to providing all necessary support to advance the higher education and scientific research system, noting that this commitment has been reflected in increased allocations for the sector in the upcoming fiscal year's development plan.
The Minister of Planning and Economic Development emphasized the importance of the meeting in light of the directives of Prime Minister Dr. Mostafa Madbouly to develop a comprehensive roadmap for supporting startups by capitalizing on the tremendous potential of Egyptian youth and the market's ability to attract venture capital investments.
He explained that the government is working on several integrated initiatives in cooperation with national entities, including the establishment of an Entrepreneurship Unit under the Cabinet, the creation of a Startup Financing Fund, the activation of the Egypt Entrepreneurship and Innovation Center, and leveraging NI Capital—the investment arm of the National Investment Bank—to provide the necessary financing.
Dr. Rostom added that the Ministry is exploring opportunities for coordination between the Innovators and Geniuses Support Fund at the Ministry of Higher Education and Scientific Research and NI Capital to support research projects conducted by students and graduates. This initiative aims to foster a new generation of startups capable of developing innovative solutions to development challenges and growing into medium- and large-sized enterprises.
For his part, Dr. Abdelaziz Konsowa commended the efforts of the Ministry of Planning and Economic Development, emphasizing that this constructive cooperation reflects the effective integration of state institutions in supporting Egypt's transition toward a knowledge-based economy, developing human capital, and aligning higher education outcomes with labor market requirements.
The Minister of Higher Education explained that the Ministry's specialized entities—including the Academy of Scientific Research and Technology (ASRT), the Science, Technology and Innovation Funding Authority (STDF), and the Innovators and Geniuses Support Fund—work in an integrated manner to connect scientific research outputs with the national economy.
He added that the Ministry's strategy focuses on strengthening the link between higher education, industry, and production through expanded partnerships with government institutions and the private sector. He also revealed that the Ministry is moving toward incorporating applied research contributions and industrial collaboration into the promotion criteria for faculty members.
Dr. Konsowa further stressed that cooperation with the Ministry of Planning and the National Investment Bank will establish sustainable financing mechanisms for technology-based projects while maximizing the role of the Innovators and Geniuses Support Fund.
In the same context, Mr. Amr El-Abd, Advisor to the Prime Minister for Entrepreneurship, highlighted the tremendous opportunities that can be unlocked by supporting university-based startups and providing them with adequate financing. He noted that enhanced government coordination would facilitate the emergence of startups capable of attracting investment and making significant contributions to the national economy.
At the conclusion of the meeting, the two ministers instructed their technical teams to maintain close coordination and accelerate the completion of an institutional framework for financing startups.
