Dr. Amr Talaat, Minister of Communications and Information Technology, said that Egyptian startups have succeeded in attracting capital from abroad, thanks to the state’s efforts to create an investment climate for these companies, which made Egypt take the lead in terms of attracting capital for startups in North Africa and the Middle East. The second is in terms of the volume of investment in the region.
Talaat added, during his speech at a press conference held today, Sunday, at the Ministry’s headquarters, on the occasion of the announcement of granting new funding to money fellows from the venture capital fund amounting to $31 million, that the Ministry of Communications aims to increase the volume of investments flowing from abroad to specialized startup companies. in the field of communications and information technology.
He added that the Ministry of Communications is working on several axes to encourage startups, the most important of which is the establishment of Egypt’s Digital Creativity Centers, which are established in various governorates to receive emerging companies and provide training opportunities to communicate with leading international companies in the sector. Training courses are also provided in various disciplines for emerging companies in both fields. Commercial, economic and marketing.
Amr Talaat pointed out to the most important challenges facing emerging companies in various countries of the world, which is the difficulty of acquiring human cadres with specialized skills in their activities. Because these cadres always go to work in major companies, and therefore the state is working to train more young trainers for startups, adding: “We continue to support startups across the country, and we have started establishing innovation centers in 8 governorates, and at the beginning of next year we will start Experimental operation in 10 other centers in new governorates, and we aim to reach 30 innovation centers in various governorates of the Republic, with investments of EGP 5 billion.
For his part, Ahmed Wali, founder of money fellows company, said that the startup sector succeeded in attracting investments of more than $500 million last year, and it aims to exceed this number during the current year, so that Egypt continues to be the leading country in attracting foreign investments for startups in Africa and the Middle East, and allows These companies provide job opportunities for many young people, and contribute to facilitating the performance of services for citizens.
Wali added that the money fellows company provides a smooth service to more than 4 million customers, and has attracted investments from abroad, approximately $40 million, including $31 million it obtained during the past year, and the company has succeeded in re-developing an old idea and developing it in line with developments. current.
We intend to expand abroad after achieving success in Egypt, to prove that Egypt is able to create successful ideas locally and market them externally, thanks to government support.