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Egyptian Ministry Is Now Launching African Startups Initiatives


TechInAfrica – The Next 100 African Startups Initiative has been recently launched by the Egyptian Ministry of Investment and International Cooperation (MIIC) and the International Finance Corporation (IFC).

100 promising African startups will be selected for the program in order to participate in the Africa 2018 Forum in Sharm El-Sheikh between December 8-10. Selected startups will be given the opportunity to connect with international investors and financial institutions, government officials, and policymakers from the African continent.

This initiative is mainly part of IFC’s broader numerous efforts to boost entrepreneurship in the Middle East and Africa by helping startups receive advice, break into new markets and access much-needed financing.

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“This initiative is a reflection of our faith in the bright young minds of our continent, and our commitment to ensure that entrepreneurs are equipped with the tools they need, including finance, advice, and networks, that would enable them to innovate and grow,” claimed Sahar Nasr, Egypt’s Minister of Investment and International Cooperation. “Through nurturing the entrepreneurship ecosystem, we believe we can unlock the potential of African youth to become more globally competitive and to more actively contribute to the development of their communities.”

By tapping the immense potential for innovation and growth the region has to offer, Egypt is now on track to becoming a leading regional hub for entrepreneurs. MIIC launched Fekretak Sherketak – a comprehensive platform offering key tools including funding, mentorship, and training to entrepreneurs –  in partnership with the Ministry of Communications and Information Technology in 2017 in order to boost the country’s entrepreneurial ecosystem.

MIIC also established leading venture firms and accelerators such as Egypt Ventures, Falak Startups, and EFG-EV Fintech through joint investments with the private sector and international financial institutions to further support the ecosystem.
“Supporting entrepreneurs is one of the best ways to drive innovation and create jobs in Africa. That’s what this forum will help do,” said Sérgio Pimenta, IFC Vice President for the Middle East and Africa.

Over the last two years, IFC has provided close to $165 million in funding to technology companies and start-ups in the Middle East and North Africa, while working alongside leading accelerators and venture funds like Wamda, Flat6Labs, and Algebra Ventures.


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