Egypt's Prime Minister Moustafa Madbouly has granted a license to the National Telecom Regulatory Authority (NTRA) to contribute EGP 600 million to Silicon Waha’s technology parks.

The license is governed by the law that regulates work of joint-stock companies, limited by shares companies, limited liability companies, and one person companies, the cabinet's media office said in a press release on Thursday.

Silicon Waha is a leading joint-stock company that aims to create a series of specialized business and technology parks across second-tier cities in Egyptian governorates.

The Ministry of Communications and Information Technology, the Information Technology Industry Development Agency (ITIDA) and New Urban Communities Authority are stakeholders in the company. 

Established in 2016, Silicon Waha is a regional hub disseminating technology innovation in Egypt.

Egypt is considered a primary destination for sourcing and IT services for the European, Middle Eastern and African regions. Cairo ranked eighth among the top ten countries around the world for launching start-ups, according to a Forbes report in 2015.