Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

What Makes Egypt Such A Great Place for Startups

Fri 02 Dec 2022 | 11:54 AM
Ahmed Emam

Egypt is gradually on its mission to build a robust startup ecosystem. In order to promote and support entrepreneurs, the government has supported the Information Technology Industry Development Agency, ITIDA, dedicated to helping new businesses.

Furthermore, Egypt's government, in collaboration with the UN, has also introduced many schemes to bolster entrepreneurship in the counter and to assist emerging startups financially.

It allocated about EGP 275m to promote startup culture in the country since 2017.

In addition to this, the Egyptian Cabinet's Information and Decision Support Center (IDSC) has recently released a new infographic, which highlights the most prominent objectives of financial inclusion: spreading the financial culture among citizens and encouraging saving, expanding the use of digital financial services, supporting entrepreneurship and start-ups, and encouraging the transition to the official sector via accessible financial services.

The infographic titled "Egypt's 2022 Financial Inclusion Rates Advance" offers a definition of financial inclusion. It states that financial inclusion provides variant financial services to all categories of society through official channels at adequate quality and cost. The rights of beneficiaries are safeguarded, enabling them to manage their money appropriately.

The infographic showed that Egypt has noticeably advanced in the financial inclusion field with an increase of 131% in the financial inclusion rates from 2016 to June 2022. 39.6 million citizens, i.e. 60.6%, out of 65.4 million (16+ years) have financial accounts in 2022, compared to 17.1 million citizens in 2016.

 The financial inclusion growth rates for Egyptian women increased by 192% from 2016 to June 2022, it noted.