Egypt's ITIDA inks deal with Plug and Play to boost startup ecosystem

The three-year deal includes launching an innovation platform for startups in Cairo

  
Image used for illustrative purpose.

Image used for illustrative purpose.

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Cairo –  Egypt's Information Technology Industry Development Agency (ITIDA) has signed an agreement with Plug and Play, a company specialising in nurturing and upscaling startups.

The two sides will build a strategic partnership to boost Egypt’s entrepreneurship and startup ecosystem, according to a statement by the Ministry of Communications and Information Technology on Wednesday.

The agreement is aimed at creating a vibrant startup community at the Creativa Innovation Hub in Sultan Hussein Kamel Palace in Cairo and fostering Egypt's position as the centre for innovation-driven entrepreneurship in the MENA region.

The three-year deal includes launching an innovation platform for startups in Cairo, with a focus on digital transformation. A program will be launched for accelerating 60 growth-stage startups and incubating 60 early-stage startups. The agreement targets to attract $20 million worth of investments in the beneficiary technology startups while creating 500 job opportunities.

Source: Mubasher

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