Egyptian startups attract $400mln investments in 2021

The agency has trained over 65,000 people through the Future Work is Digital (EgyFWD) initiative

  
Image used for illustrative purpose.

Image used for illustrative purpose.

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Cairo –  Egypt's Information Technology Industry Development Agency (ITIDA) has participated in the inauguration of the seventh edition of the Techne Summit exhibition and conference, held under the auspices of the Ministry of Communications and Information Technology (MCIT), between 2 and 4 October at the Bibliotheca Alexandria.

ITIDA took part in a session titled "Tech Startups in Egypt: Enhancing Investment Appeal” during the opening ceremony, according to a statement.

The agency has trained over 65,000 people through the Future Work is Digital (EgyFWD) initiative, in the most in-demand technology tracks, including data analysis, web development, and digital marketing.

During the session, it is noted that Egyptian startups have so far attracted investments worth $400 million during 2021, reflecting the growing confidence of investors in the solutions and innovations developed by Egyptian entrepreneurs.

Moreover, the agency organises and sponsors global matchmaking events to bring investors together with startup founders, in addition to supporting startups in international exhibitions such as Web Summit in Portugal and CES in Las Vegas.

Additionally, ITIDA is working on finding solutions to the challenges facing startups in their early stages in collaboration with a working group that includes representatives from government and private agencies.

During the session, ITIDA advised entrepreneurs to establish their startups as joint-stock companies since this is a better option for them than limited liability companies (LLCs).

Source: Mubasher

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