Boualam: Entrepreneurship ecosystem in Egypt witnessed “tremendous growth” since 2016  

08 / 11 / 2021

• Egypt
• news
• Sustainable Development

Managing Director Brussels Global Review Oumnia Boualam said the entrepreneurship ecosystem in Egypt has witnessed tremendous growth since 2016, expecting Egypt to undergo great change with the convocation of COP27 next year.

“There is a unique DNA, culture or civilization in Egypt that make people natural entrepreneurs. I have seen so many young women and young people, Egyptians in general are very creative people,” she said during the 11^th Corporate Social Responsibility Forum (CSR Forum).

“Ever since the IMF reforms in 2016, the entrepreneurship ecosystem in Egypt has seen tremendous growth and change. Last year Egypt was the number one country in the Middle East and North Africa (MENA) region for startup financing deals,” Boualam said.

She noted that representatives for international development banks had mentioned that “most or even all their portfolios must go to green projects or social enterprises and this is the phenomenon that we see in Europe. Ever since the pandemic happened, it is not a nice thing to do, it is a must thing to do; there is no choice.”

“If you are a European company, you must have another purpose than just making money, you have to have some kind of a positive impact on your communities, people or at least you should not destroy the environment,” Boualam said.

Even in Egypt, the Financial Regulatory Authority (FRA) recently put together regulations for ESG framework for all the companies listed on the Egyptian Stock Exchange so it is happening at the corporate level, at the high level, she said.

As for entrepreneurs and entrepreneurship, “sustainability does not have to be complicated, does not have to be expensive, it can be very small and simple initiatives, like waste management,” she said.

“Social enterprises and CSR are now a must, it is no longer a nice thing to do,” she highlighted, adding “I definitely expect this trend to be happening in Egypt sooner than you expect because COP27 will be taking place here next year.”

She noted that when COP22 was held in Morocco six years ago, the changes that happened in the country were unbelievable, including very simple things like “no more plastic bags in the supermarkets.”