Cisco announced today that it will invest $10 million to seed a sustainable model of job creation and economic development in Egypt. The venture capital investment will be targeted at high-potential small businesses that provide innovative products and services.
“Job creation and the chance for greater opportunities are of clear importance to Egyptian citizens. Through this investment, Cisco is demonstrating its commitment to assisting the people of Egypt to begin to invest in meeting these needs,” said Olaf Krahmer, president of Cisco Egypt.
Krahmer added: “Cisco also intends to engage in a multi-stakeholder collaboration to encourage further inward investment into the Egyptian economy from local, regional and global organisations."
Minister of Communications and Information Technology Magued Osman said: “The Egyptian government recognises that properly functioning telecoms and information technology (IT) infrastructure is essential for attracting foreign investment and enabling the private sector and government to function more efficiently. The government’s aim is for Egypt to become an IT hub, providing IT-assisted teleservices to foreign companies. This $10 million investment will help us promote economic development, leading to enhanced opportunities for the people of Egypt."
John Chambers, chairman and CEO of Ciscio, said: “We believe there is tremendous growth potential in Egypt’s ICT sector and are committed to supporting Egypt’s — as well as MENA’s — long-term goals. It is therefore appropriate for Cisco to make this investment into the Egyptian economy and its people."