Egypt's Ministry of Planning and Economic Development, through its initiative "Erada," has partnered with the European Bank for Reconstruction and Development (EBRD) and the Korean Development Institute, representing the Korean Ministry of Economy and Finance, to hold a knowledge exchange program.

The event, titled "Business Planning to Support the Ecosystem of Startups in Egypt," aims to foster collaboration between the entities in the policy and legislative research needed to create an attractive investment and financing environment for startups in Egypt.

Dr. Heba Saleh, Executive Director of Erada, stressed the importance of supporting entrepreneurship and startups and creating an environment that fosters growth and innovation.

She stated that a comprehensive plan is being developed to encourage and support startups in Egypt, which will include a report with information on the South Korean ecosystem, following a visit to South Korea last October.

Dr. Saleh added that there are five pillars that must be emphasized, including the establishment of a national strategy for startups with a flexible implementation plan and the creation of a national fund for startups. Erada is looking forward to collaborating with the South Korean government to establish a fund to support the growth and development of startups, prioritizing those that address key social challenges.

Furthermore, Dr. Saleh highlighted the importance of expanding incubation and acceleration programs and enhancing intellectual property protection.

The event was held within the framework of ongoing cooperation between the entities in the areas of policy research and legislative studies aimed at creating an attractive investment and financing environment for startups in Egypt.

Egypt's startup scene has been gaining momentum in recent years, with the country's government and private sector actively working to support entrepreneurship. In 2019, Egypt was ranked as the fastest-growing startup ecosystem in the Middle East and North Africa, with a 26% increase in funding compared to the previous year. This growth is expected to continue, with Egypt's government announcing a $200 million fund to support the country's startups in 2020.