CAIRO - 21 August 2023: The United National Development Project (UNDP) and Information Technology Industry Development Agency (ITIDA), affiliated to MCIT, signed Sunday the contracts of the Maturation of ICT-enabled Innovation-driven Entrepreneurship Ecosystem project.
The project’s focus is to build an ecosystem that fosters innovation, eases access of finance, and creates a network of all actors involved in different startup stages.
Alessandro Fracasseti, UNDP Egypt’s representative, explained that the 5-year project aims to bring financing and mentorship opportunities to the Egyptian technology industry's innovators and entrepreneurs.
Fracasseti stated that this cooperation will aid in reinforcing the ICT landscape in Egypt, while maintaining pace of development and demand in the rapid digital world.
He further pointed out the unexplored potential of Egypt’s tech-ecosystem,“With the Cairo startup ecosystem valued at $8.3 billion, there is untapped potential for talent and ideas to contribute to Egypt’s digital space.”
Ahmed El-Zaher, CEO of ITIDA, stressed that this partnership will undoubtedly unleash the full potential of the ever-growing startup community, creating opportunities for sustainable development and a brighter future for all.
This project follows the success of the past partnership between UNDP, TIEC, and ITIDA, which ended in 2021, the project succeeded in offering 31,000 job opportunities, training 1,550 entrepreneurs, and supporting 1,800 startups in Egypt.
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