Prime Minister Mustafa Madbouly Inaugurates 11th RiseUp Summit in Egypt

Prime Minister Mustafa Madbouly participated in the grand opening of the 11th RiseUp Summit, a prominent event for entrepreneurs hosted by Egypt.

The ceremony saw the attendance of several key officials, highlighting the government’s commitment to supporting innovation and entrepreneurship.

Basil Rahmi, CEO of the Small and Medium Enterprises Development Agency (SMEDA), emphasized the significance of the Prime Minister’s participation.

“The involvement of the Prime Minister’s Office in the RiseUp Summit underscores the state’s robust support for young innovators and ongoing encouragement for entrepreneurs.

This is pivotal in enhancing their contribution to the national economy by offering new services and products that meet local market needs,” said Rahmi.

Rahmi outlined that SMEDA coordinates with various state entities to provide comprehensive financial and technical support to entrepreneurs and innovative project owners, aligning with the directives of the Egyptian government.

He also announced the launch of the agency’s first venture capital program in collaboration with the World Bank Group. This initiative aims to bolster the Egyptian government’s efforts in creating more job opportunities, stimulating entrepreneurship, and fostering an inclusive environment conducive to venture capital.

It also seeks to enhance the capacities of those engaged in this type of investment in Egypt.

“This program also supports new and existing investment funds with relevant experience in venture capital, assisting high-growth startups and innovative projects,” Rahmi added.

The SMEDA pavilion at the RiseUp Summit garnered significant attention, engaging with young people and visitors to inform them about the various services offered by the agency.

The pavilion also provided guidance on starting new ventures or expanding existing ones.

Additionally, dozens of artisans and heritage craftsmen showcased their products to the summit’s visitors at the Grand Egyptian Museum.

Among them were several projects that have benefited from SMEDA’s services as part of a project funded by the Spanish Agency for International Development Cooperation aimed at creating job opportunities for women in Upper Egypt.