According to Dr. Amr Talaat, the Minister of Communications and Information Technology, Egyptian startups have been successful in attracting investment from abroad because the government has worked to foster an environment that encourages investment in these businesses. As a result, Egypt has risen to the top of North Africa and the Middle East in terms of attracting investment for startups, ranking second in terms of total investment volume.
Talaat stated that the Ministry of Communications wants to increase the amount of foreign investments going to startups with a focus on the fields of communications and information technology during his speech at a press conference today to announce a new financing grant to Money Fellows from the Risk Capital Fund amounting to $ 31 million.
He continued 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 startups and provide training opportunities from communicating with the leading international companies in the sector, and training courses are also presented in various specializations for startups, whether fields. economic, commercial, and marketing.
The state is working to train more young people trained for startups in order to overcome the difficulty of securing human cadres with specialised skills in their activities, which Amr Talaat identified as one of the greatest challenges facing startups in various countries around the world. He continued, “We are continuing to support startups in various parts of the Republic, and we have started to establish creativity centres i.”
For his part, Ahmed Wali, the founder of Money Fellows, stated that the startup sector had been successful in attracting investments of more than $500 million last year and aimed to surpass this number this year so that Egypt will continue to be the forefront of nations that attract foreign investments for startups in Africa and the Middle East, and allows These companies are job opportunities for many young people, and also contribute to facilitating the development of the startup sector in these regions.
According to Wali, Money Fellows offers a soft service to over 4 million customers, has attracted investments from abroad totaling about 40 million dollars, including 31 million dollars in the last year, and has been successful in re-developing an old idea and developing it in a way that is consistent with current developments.
Minister of Communications: When it comes to luring startup funding, Egypt is in the lead.
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