40 startups attracted investments worth $40 mln in 2 years

12 May 2024

Minister of Communications and Information Technology Amr Talaat said 40 startups at the Digital Egypt Innovation Center's branches in Cairo and Giza have managed to attract investments worth $40 million over the past two years.

The center also served as incubator for more than 55 startups at its branches in governorates.

Talaat made the remarks during the opening ceremony of the 11th edition of RiseUp Summit, which is held on May 16-18 under the auspices of Prime Minister Mostafa Madbouly.

The event is held at the Grand Egyptian Museum with the participation of more than 250 speakers and representatives of over 150 startups.

The minister pointed out to the efforts made to facilitate procedures for establishing startups, which included reducing the capital required for establishing one-person companies from EGP 50,000 to 1,000, building companies with virtual headquarters, and the availability of building a digital platform for establishing companies remotely.

Source: State Information Service

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