$2 Billion in Total Funding for Egyptian Startups Over Five Years

A report issued by the Ministry of Planning, Economic Development, and International Cooperation stated that startups in Egypt have secured a total of $2 billion in funding over the past five years.

Entrepreneurial Momentum

The report added that startups’ ability to attract venture capital funding reflects the promising entrepreneurial spirit of Egypt’s talented youth and the resilience of the national economy.

Minister of Planning, Economic Development, and International Cooperation, Rania Al-Mashat, said that despite global challenges, Egypt continues to rank third in both Africa and the Middle East in terms of venture capital funding and deal activity.

Supporting Startups

Within the framework of the Orange Corners program, Al-Mashat announced the program’s expansion to support startups across seven governorates in the Delta region in addition to Upper Egypt. The program is now implemented in Luxor, Assiut, Alexandria, Monufia, Dakahlia, Kafr El-Sheikh, and Beheira.

The Orange Corners program is one of the outcomes of partnerships between the Arab Republic of Egypt and the Kingdom of the Netherlands, along with several private-sector institutions, including Bank of Alexandria and Madinet Masr.

Strengthening the Entrepreneurship Ecosystem

Al-Mashat noted that the program comes as part of the ministry’s ongoing efforts, in cooperation with international partners, to support startups and strengthen the entrepreneurship ecosystem. Recently, 15 startups graduated from the program, which is expected to support 130 companies across multiple sectors during the current year.

Source: Press Release