Enterprise Development Agency: Youth up to 35 years of age benefited from funds amounting to 22.6 billion pounds

The Enterprise Development Agency participated in the panel discussion “A New Era of Inclusive Innovation” that came within the activities of the Conference of the Parties to the United Nations Convention on Climate Change COP27. Customers, especially for new projects of an innovative nature, by designing financing products that suit these needs, including financing products for environmentally friendly projects such as renewable energy projects (solar power plants), agricultural waste recycling projects and biogas production projects, in addition to financing the conversion of cars to work. with natural gas.

Shash added that young people up to 35 years have benefited from funding amounting to 22.6 billion pounds since the establishment of the Enterprise Development Agency (formerly the Social Fund for Development) until September 2022, or about 37% of the total funding pumped by the agency during this period.

During his participation in the panel discussion, Shash clarified that the Medium, Small and Micro Enterprise Development Law No. 152 of 2020 paved the way for the development of the small enterprise sector in Egypt in general, especially emerging and innovative projects, including renewable energy and agricultural projects, as well as providing various aspects of support to business incubators and accelerators. and venture capital funds in addition to non-bank financing instruments.

He added that the law was concerned with providing an integrated package of financing incentives to support business incubators, accelerators and venture capital funds that provide services to emerging projects to help young people transform their inventions and innovations into economically feasible projects capable of reaching a distinct and competitive product in the markets, noting that the law It included a number of various facilities related to the adoption of new and flexible mechanisms to provide funding and facilitate the procedures for setting up entrepreneurship projects, in addition to facilitating the procedures for registration and issuance of permits from the offices and branches of the agency spread in all governorates, and the rehabilitation of young people through their participation in specialized courses.

Shash pointed out that the Agency initiated the implementation of the first program of the venture capital system Fund of Funds funded by the World Bank Group amounted to 50 million dollars, through which investment was made in a number of promising investment funds, which in turn support hundreds of entrepreneurs and owners of emerging projects. The agency spreads the culture of financing innovative projects among specialized financing institutions in Egypt and encourages them to support entrepreneurs. It also participates in the implementation of training programs to train human cadres in these institutions to familiarize them with the rules and mechanisms of financing venture capital, which creates a broad base that finances hundreds of innovators and entrepreneurs.

Dr. Abeer Shakweer, Assistant Resident Representative of the United Nations Development Program, explained in her speech during the panel discussion “A New Era of Inclusive Innovation” that the United Nations Development Program is interested in empowering youth and supporting innovators to contribute to finding solutions to international challenges, especially climate change, and added that the United Nations Program The development has implemented many initiatives for young people from different countries of the world in global discussions on climate change, the most important of which is the training camp for comprehensive climate innovation in Africa, during which youth from 15 African countries were engaged together to exchange knowledge, come up with innovative ideas and find solutions to climate change in cooperation with the Ministry of Youth Sports, the private sector and civil society. Shaqweer indicated that the program organized a dialogue session during the climate conference with various partners in the innovation and entrepreneurship system to present the results of the innovation camp and discuss the support provided to youth and how to ensure the continuity and sustainability of the results of the innovation camp and similar camps to help young people reach their innovative ideas to the implementation stage.

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