Egypt launches start-up incubator with LE10 bn capital

Egypt's government and private sector representatives announced on Tuesday the creation of a start-up incubator to promote economic growth and create jobs.

With LE10 billion ($1.4 billion) in capital, Ayady for Investment and Development will be 20 percent state-owned and 80 percent private, planning minister Ashraf El-Araby said at the launch.

The company will provide training, feasibility studies, funding and export opportunities to young entrepreneurs, said the minister, acting as an "incubator" for nascent projects, with an on-the-ground presence in Egypt's 27 governorates, said El-Araby.

The Egyptian economy has been suffering from weak growth, high inflation and unemployment since a 2011 popular uprising toppled Hosni Mubarak. The government introduced a series of reforms this year to shore-up its finances, including raising taxes and cutting energy subsidies.