The U.S. Embassy in Cairo has reaffirmed its commitment to supporting Egyptian entrepreneurs throughout the year, as expressed by Thomas Goldberger, Chargé d’Affaires at the U.S. Embassy in Cairo. This support includes initiatives like the Egyptian-American Enterprise Fund.
Global Entrepreneurship Week (GEW), celebrated every November by American embassies worldwide, emphasizes innovation and risk-taking, which are essential to economic success. The embassy aims to strengthen business relations between Americans and Egyptians by showcasing the achievements of Egyptian entrepreneurs and fostering connections with their American counterparts.
The Embassy's "Startup Egypt" initiative, launched with INJAZ Egypt, is set to train individuals from 35 startups over the coming year. The top seven startups will receive seed funding from Boeing. Additionally, the "Women Entrepreneurs Network" was introduced to provide women entrepreneurs in Egypt with access to resources and networking opportunities.
Goldberger highlighted that entrepreneurship plays a significant role in Egypt’s economy and future growth. The Global Entrepreneurship Monitor Report indicates an expansion in Egypt’s entrepreneurial ecosystem, including a new $55 million venture capital fund by Sawari Ventures and a government agency supporting small businesses.
The Egyptian-American Enterprise Fund (EAEF) supports this landscape by investing directly in promising Egyptian companies. With $130 million committed so far, EAEF aims to enhance private sector development through equity stakes in startups and small businesses.
EAEF's recent investments include $1.2 million for SmartCare to improve healthcare access and $3 million for Dawi, which plans to establish primary clinics across Cairo.
Looking ahead, Goldberger expressed optimism about the potential of Egyptian entrepreneurs: “The sky’s the limit!”