ArabFinance: The Egyptian government is allocating EGP 50 million in funds for the launch of the Digital Egypt Builders initiative, according an official statement.

Minister of Planning and Economic Development Hala el Said approved the funds to be given to the communications ministry from the fiscal year 2020/2021 plan.

El Said pinpointed that EGP 10 billion in investments were directed to the telecommunications sector in the current FY plan. This marked an annual increase of 300%.

The initiative falls under the Building the Egyptian People project, which aims to empower the next generation of local graduates, according to the minister.

A free grant is offered each year to 1,000 students from the faculties of engineering, computing, electronics, communications, or medicine, as well as sports sciences.

Finance minister Mohamed Maait earlier said Egypt earmarked EGP 12.7 billion for gradual digital transformation in the FY 2020/2021 budget.

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