The Egypt’s Competitiveness Program (ECP) was a $31.7 million project funded by the United States Agency for International Development (USAID) to assist the Government of Egypt (GOE) in realizing ambitious reforms to support private sector-led economic growth. As stated in the original work plan, ECP was going to achieve this result through pushing GOE’s reforms, making the improved business environment more accessible to smaller businesses and those outside Cairo and Alexandria. ECP was going to complement and expand upon the Technical Assistance for Policy Reform 2 (TAPR2) and Egypt Financial Services Project (EFSP) by improving Egypt’s human resource development and the integration of business and government to support increased competitiveness, entrepreneurship, and job creation.
Supporting entrepreneurs and SMEs was crucial for the economic development, GDP growth, and job creation in Egypt. Many institutions and organizations had dedicated efforts and funds to support and promote entrepreneurs and SMEs in Egypt. Among those institutions is the General Authority for Investment (GAFI). GAFI had an initiative to sponsor a SMEs investment fund (closed-end, private equity fund). GAFI had formed and got a license for an investment company with a paid-in capital of LE 5 million that company would sponsor three funds/portfolios totaling LE 1 Billion and assigned to three licensed fund managers.
SEGURA Consulting assisted Chemonics in providing the services of a SMEs Investment Funds Expert to provide technical assistant to GAFI to develop a master plan for the SMEs investment fund to govern and manage the relations between the sponsoring company, the investors, the fund managers, the fund administration and service providers.
Regretfully the ECP project development was affected by political events in the country.