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Summary of SME and Entrepreneurship Policy in Egypt

Core Content

This report presents an OECD review of SME and entrepreneurship policy in Egypt, part of the OECD-Egypt Country Programme. It outlines the current state of the SME and entrepreneurship ecosystem in Egypt, identifies challenges, and proposes policy recommendations to enhance its performance and development.

Main Views and Key Information

Egypt's SME and Entrepreneurship Landscape

• Egypt is the most populous country in the Middle East and North Africa (MENA) region, with over 110 million people.
• It has been the fastest-growing economy in the MENA region over the past five years.
• The SME sector is dominant, with a large number of micro, small, and medium enterprises (MSMEs), particularly in the retail and services sectors.
• There is a strong entrepreneurial spirit and a growing start-up scene, but a significant gap exists between entrepreneurial intentions and actions.

Policy Priorities

• Growth and Innovation: The government aims to grow more medium-sized, innovative, and export-oriented SMEs.
• Productivity and Formalisation: Improving productivity and increasing the formalisation of businesses are key priorities.
• Access to Finance: Enhancing access to financing for SMEs and entrepreneurs is critical for their development.
• Digitalisation and Fintech: Leveraging digital technologies and fintech is seen as a promising avenue to support SMEs and entrepreneurship.

Policy Framework and Implementation

• The Micro, Small and Medium Enterprises Development Agency (MSMEDA) is the lead agency for SME and entrepreneurship development.
• The government has introduced Law Number 152 of 2020 to define the SME sector and outline support mechanisms.
• The OECD-Egypt Country Programme includes a fact-finding mission, stakeholder interviews, and peer review sessions to assess and improve policy design and implementation.

Thematic Focus

• SME Digitalisation: The report highlights the importance of digital technologies in boosting competitiveness and formalising the economy.
• Fintech: Fintech is identified as a key tool to improve access to finance for SMEs and entrepreneurs, with a need for a more flexible regulatory framework and better integration into the financial ecosystem.

Challenges

• Regulatory Burden: High regulatory costs hinder SME and entrepreneurship growth.
• Informal Economy: A significant portion of the economy remains informal, which limits access to formal services and opportunities.
• Policy Coordination: There is a need for better alignment and coordination among government entities to ensure effective policy delivery.
• Access to Finance: Despite efforts, SMEs and entrepreneurs still face challenges in accessing adequate financial resources.

Recommendations

• Strengthen the Business Environment: Expand the use of SME Tests and regulatory impact assessments, and reduce the cost of regulatory compliance.
• Improve Policy Coordination: Establish more effective governance structures and coordination mechanisms across ministries and agencies.
• Enhance Financial Access: Scale up existing financial support programmes and introduce new ones, such as those for internationalisation and skills upgrading.
• Promote Digitalisation: Encourage SMEs to adopt digital technologies, and develop a more flexible regulatory framework to support fintech innovation.
• Local Sensitivity: Tailor policy interventions to local conditions, considering spatial variations in SME performance and development opportunities.
• Support Innovation and Training: Strengthen innovation systems and workforce training programmes to improve the competitiveness and productivity of SMEs.

Structure of the Report

The report is divided into the following sections:

1. Overall Assessment and Recommendations
2. SME and Entrepreneurship Performance and Characteristics in Egypt
3. The Business Environment for SMEs and Entrepreneurship in Egypt
4. The Strategic Framework and Delivery Arrangements for SME and Entrepreneurship Policy
5. SME and Entrepreneurship Programmes in Egypt
6. The Local Dimension of SME and Entrepreneurship Policy in Egypt
7. SME Digitalisation in Egypt
8. Fintech for SME and Entrepreneurship Development in Egypt

Each section includes detailed analysis, data, and case studies from other countries, such as Morocco, Portugal, Greece, and Singapore, to provide comparative insights and best practices.

Conclusion

The report concludes that Egypt has a strong foundation for developing its SME and entrepreneurship sector, but it needs to address key challenges such as formalisation, regulatory burden, and policy coordination. A more decentralised, locally-sensitive, and digitally-enabled approach is recommended to improve the effectiveness of SME and entrepreneurship policies and to support sustainable economic growth.