Egypt, Int’l Cooperation Ministry reviews efforts to back entrepreneurship, innovation in 2022
- 12 April 2023 / News / 311 / Admin-23
The report showed that Egypt Ventures injected direct and indirect investments worth more than EGP 383.5 million in 197 emerging companies since its establishment in 2017. Egypt Ventures invests in three accelerators that focus on backing start-ups in different sectors.
The report noted that the international cooperation minister in 2022 attended the graduation of 19 entrepreneurs within the second phase of the Orange Corner Egypt, taking the total number of the program’s graduates from the governorates of Cairo and Assiut to 61.
The program is an initiative of the Netherlands meant to provide young Egyptian entrepreneurs with training, networks, and facilities to start and grow innovative businesses.
The initiative comprises two separate incubation programs – one in Cairo and one in Upper Egypt’s Assiut governorate – each offering recurring six-month training cycles for 15-25 entrepreneurs at a time.The report highlighted that the international cooperation minister and UN Resident Coordinator in Egypt Elena Panova launched in 2022 the UN Inter-Agency Task Team on Science, Technology and Innovation, with the participation of 18 UN agencies and nine Egyptian ministries.
The initiative is meant to foster cooperation between national bodies and the UN agencies in Egypt, via organizing a number of workshops to establish non-traditional and innovative government technology-based projects in the country.
The ministry noted in its report that the international cooperation minister took part in the launch of the EBRD’s Transition Report 2021-22, during the visit of the European Bank for Reconstruction and Development (EBRD) Chief Economist Beata Javorcik to Egypt in April 2022.
The EBRD’s report sheds light on how the countries of operations can benefit from digital transformation as an engine of economic growth, especially after the coronavirus pandemic, with a focus on the role of digitization in various economic sectors such as infrastructure, financial institutions, financial technology and skills.
In the same context, the ministers of international cooperation and communications had also witnessed the launch of Egypt Economic Monitor Report 2021.
The World Bank’s report addresses the far-reaching impact of government digitalization and the key macroeconomic indicators.
This report showed that Egypt’s macroeconomy continues to show resilience more than a year and a half through the COVID-19 pandemic. Macroeconomic stabilization and energy sector reforms implemented in recent years have helped build resilience, and the mobilization of international financing has contributed to keeping foreign reserves at rather ample levels.
It also noted that Egypt has been increasingly adopting digital technologies to modernize core government systems and provide online service portals, rendering the country at a relatively elevated level of government digitalization.
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