El Abd disclosed the figure during a policy meeting with Ahmed Rostom, Egypt’s minister of planning and economic development, where officials reviewed measures to strengthen the country’s startup ecosystem and expand opportunities for founders.
The discussions focused on improving coordination between government agencies, with the goal of aligning policies that support startups and enable them to scale more rapidly across sectors.
Officials also explored new frameworks to create what the government described as a more “stimulating environment” for entrepreneurs and investors.
Rostom emphasised that entrepreneurship remains a strategic priority for the government because of its potential to increase economic competitiveness and generate jobs in one of the Middle East and Africa’s most populous economies.
“Entrepreneurship is a key priority, as it boosts the economy’s competitiveness and creates new job opportunities,” Rostom said.
The minister also highlighted the role of NI Capital, an investment arm of the National Investment Bank, in supporting emerging businesses through financing and strategic backing.
In addition, officials reviewed progress on the Erada initiative, a programme designed to simplify regulatory and legislative processes affecting businesses.
Rostom said the government remains committed to improving incentive packages for startups while building sustainable financing mechanisms to support long-term growth.
With hundreds of millions of dollars already flowing into the sector annually, policymakers hope further reforms will cement Egypt’s position as a leading startup hub across Africa and the wider Middle East.