UNDP, ITIDA launch new 5-year project to boost tech-driven startups in Egypt

Ahram Online , Wednesday 19 Jul 2023

The UN Development Programme (UNDP) and Egypt's Information Technology Industry Development Agency (ITIDA) have kickstarted a new five-year project to accelerate digital innovation and growth of the country's tech-driven startup ecosystem, according to a statement on Wednesday.

Alessandro Fracassetti, UNDP Egypt Resident Representative  Ahmed Alzaher, CEO of ITIDA.
Alessandro Fracassetti, UNDP Egypt Resident Representative Ahmed Alzaher, CEO of ITIDA.


The project, finalized today in Cairo's Smart Village, will provide financing, mentorship and networking to Egyptian tech innovators, entrepreneurs and startups.

"This partnership will undoubtedly unleash the full potential of our ever-growing startup community, creating opportunities for sustainable development and a brighter future for all," said ITIDA CEO Ahmed El-Zaher at the launch event.

According to UNDP Egypt Representative Alessandro Fracassetti, the project aligns with Egypt's goals for rapid digital transformation and women's economic empowerment.

It builds on a previous UNDP-ITIDA collaboration that supported over 1,800 startups and created 31,000 jobs.

The Cairo startup ecosystem is now valued at $8.3 billion.

"With the right investment in talent and ideas, the tech sector could be a game-changer for Egypt's digital ambitions," Fracassetti said.

The new project, called "Maturation of ICT-enabled Innovation-driven Entrepreneurship Ecosystem", aims to help Egypt maintain its leadership in digital innovation and entrepreneurship in the region.

Recently, Egypt has taken major steps to encourage investment and entrepreneurship, guaranteeing fairness between the public and private sectors, supporting the local investment climate, and developing legislation to support startups.

In November, ITIDA announced its partnership with 500 Global, one of the world’s most active venture capital companies, to boost Egypt's startup ecosystem.

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