Egypt's stocks mixed on Tuesday as main gauge EGX 30 falls 0.63%    IMF upgrades Egypt's real GDP growth 2022 forecasts to 5.6%    Al Khair River starts trading on Egypt's stock exchange today    Egypt works on charting cooperation strategies with international institutions for 5 years: Al-Mashat    Maha karara joins AAIB as Head of Corporate Communications, Sustainability    Over 2.4 million newborns examined for hearing impairment: Health Ministry    Netflix releases trailer of Arab adaption of 'Perfect Strangers' film    Balqees to headline concert celebrating launch of streaming giant LIVENow in MENA    Sawsan Badr to be honoured at Aswan Women Film Festival    Al-Sisi follows up on 'Great Transfiguration Project' in St. Catherine    Cairo, London stress need to strengthen cooperation to face climate change    Foreigners account for 22.6% of Egypt's T-bills issuances in 1H 2021: CBE    MP Abdel Hady Al-Qasby calls government to facilitate and support NGOs    Egypt's ambassador to Italy passes away    Egypt confirms readiness to help African countries face terrorism and extremism    An estimated 235 million people needed humanitarian assistance and protection in 2021, an increase of 40% compared to 2020: IOM Egypt    Egypt, DRC discuss water cooperation during WYF    Egypt, DR Congo discuss boosting bilateral cooperation during WYF    Cameroonian police probe assault on three Algerian journalists covering AFCON    Pharaohs start AFCON 2021 campaign with fierce clash against Nigeria    Foreign Ministry opens capacity building course for French-speaking African diplomats    BRICS development bank admits Egypt as new member    Nermien Ismail Schools opens a new campus in O'West    Netherlands Embassy, E7kky Magazine celebrate success of 21 Egyptian women    Women make up 45% of Egyptian Atomic Energy Authority staff    Yas Island hosts travel partners at Formula 1 Etihad Airways Abu Dhabi Grand Prix 2021    Olaf Scholz becomes Germany's new leader, ending Merkel 16-year historic era    Egypt's trade with Nile basin countries climbs 26% y-o-y in 9 months    The unvaccinated prohibited from entry to Egypt state institutions starting December 1    Egypt's iron and steel exports jump 197% in 8 months    Ethiopia halts work at its embassy in Egypt for 'economic reasons'    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    Brazil calls up 8 EPL players for World Cup qualifying    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Sisi calls on House, Senate to commence second legislative sessions on 3, 5 October    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    Qa'a play showing at Lycee El Horreya Theatre, Alexandria is a must go    On International Museum Day, Egypt opens two new museums at Cairo Airport    Old Cairo's Al-Fustat will be revamped on Egyptian President's directives    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Gov't, IFC partner to support 100 African startups
Published in The Egyptian Gazette on 30 - 08 - 2018

CAIRO, Aug 30 , 2018 - Ministry of Investment and International Co-operation and the International Finance Corporation (IFC), a member of the World Bank Group, signed on Thursday an agreement to support young entrepreneurs and start-ups in Africa to drive innovation and economic growth.
The ministry and the IFC will select up to 100 promising entrepreneurs from Africa and connect them with business leaders, international investors, financial institutions, and policymakers during the Africa Summit 2018, which will be held under the auspices of President Abdel Fattah El Sisi in Sharm el-Sheikh in December.
"Like many African countries, Egypt is full of promising young entrepreneurs who need access to knowledge, the right mentors and a network of potential investors," said Sahar Nasr, Minister of Investment and International Co-operation. "This initiative will help position Egypt as a hub and create an ecosystem for entrepreneurs and innovative start-ups across Africa, helping them grow, raise capital and maximise their global outreach."
Egypt is on track to becoming a leading regional hub for entrepreneurs, tapping the immense potential for innovation and growth the region has to offer.
To boost the country's entrepreneurial ecosystem, the ministry launched "Fekretak Sherketak" in partnership with the Ministry of Communications and Information Technology in 2017, a comprehensive platform offering key tools; including funding, mentorship, and training to entrepreneurs.
To further support the ecosystem, the ministry also established leading venture firms and accelerators such as Egypt Ventures, Falak Start-ups and EFG-EV Fintech, through joint investments with the private sector and international financial institutions.
"Small businesses, including start-ups, are the backbone of most economies in Africa and MENA," said Mouayed Makhlouf, IFC Director for the Middle East and North Africa. "By providing these firms with access to capital and advice, governments across the continent can help create jobs and opportunity for their people."
Start-ups often struggle to access the advice and financing they need to thrive. Over the last two years, IFC has provided close to $65 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.
The initiative is part of an IFC effort to support entrepreneurship in the Middle East and North Africa by helping start-ups access financing, receive advice, and break into new markets.


Clic here to read the story from its source.