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5/5/2020 Remarks of Secretary Lew at an Entrepreneurship Roundtable at the GrEEK Campus, Cairo’s First Technology and Innovation park U.S. DEPARTMENT OF THE TREASURY Press Center Remarks of Secretary Lew at an Entrepreneurship Roundtable at the GrEEK Campus, Cairo’s First Technology and Innovation park 10/27/2014 As prepared for delivery CAIRO - I would like to start by thanking the GrEEK Campus for hosting this event today. During my tour of the campus, I was struck by the amount of energy and creativity here. I am in Egypt today to talk about how the United States can help support job creation and economic opportunity for the Egyptian people. Entrepreneurship is vital to any economy – but particularly for Egypt’s economic future. That's why it is so exciting to be here with all of you, who represent the ingenuity and entrepreneurial spirit needed to create the next generation of businesses in Egypt - and the financing that is critical to fueling that growth. In fact, small firms with 10 or fewer people employ over half of the workforce in Egypt. These types of businesses are critical to securing long-term, inclusive and sustainable growth, and a vibrant private sector is essential to Egypt living up to its economic potential. Small businesses are also critical to creating jobs and expanding opportunities for the Egyptian people. But, as you can attest, small firms in Egypt face huge challenges. Access to finance, in particular, stands out as a key constraint for small businesses. Start-ups are often perceived as too risky so their financing costs become prohibitive. A recent World Bank study found that 60 percent of firms in Egypt with less than 20 employees are credit constrained, meaning they can’t access the capital they need to grow. Support for small enterprises must play a key role in Egypt’s economic reform agenda. Start-ups like the ones represented here today will be important to position Egypt competitively in a global economy that rewards innovation and creativity. Small businesses are also critical to creating jobs and expanding opportunities for the Egyptian people. For all of these reasons, the U.S. government is keenly focused on helping micro, small, and medium-sized enterprises flourish and access the financing they need to develop. Here in Egypt, the U.S. government is promoting delivery of credit and related services to low-income entrepreneurs. Over 1 million Egyptians benefit from their microfinance programs. And through the multilateral development banks, we are also underwriting deep and significant changes in private sector financing. For example, the World Bank Group is providing support to state and private banks to scale up finance to small enterprises and is also providing business development and training services to small enterprises themselves. The European Bank for Reconstruction and Development is supporting small business credit lines and programs to promote women in business. We are also seeking to build deeper ties between Egyptian firms and the U.S. private sector. As part of this effort, later this month, in recognition of Global Entrepreneurship Week, the U.S. Embassy will be hosting a series of events to foster support for Egyptian entrepreneurs and demonstrate U.S. commitment to entrepreneurship in Egypt. Finally, in November, the United States government will lead a U.S. Chamber of Commerce Mission to Cairo, which will include over 50 large U.S. firms. In addition to wanting to see progress on Egypt's economic reform agenda, these firms will also look for signs that the business climate is safe and respectful of the rights and freedoms of the Egyptian people. We are hopeful that this delegation will help deepen U.S.-Egyptian business ties. But today I want to hear from you – about your experiences launching your own companies and your ideas on what more we can do to support your efforts. ### https://www.treasury.gov/press-center/press-releases/Pages/jl2675.aspx 1/2 5/5/2020 Remarks of Secretary Lew at an Entrepreneurship Roundtable at the GrEEK Campus, Cairo’s First Technology and Innovation park https://www.treasury.gov/press-center/press-releases/Pages/jl2675.aspx 2/2
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