EU provides support of up to US$300 mln to Egypt’s start-up sector

The Secretary-General of the Federation of Egyptian Chambers of Commerce (FEDCOC), and head of the Union for Euro-Mediterranean Business Organizations, Alaa Ezz said that the EU has provided grants amounting to $300 million for the sector of startups and small projects.

The funding available from the Union of European Chambers and the Union of the Mediterranean aims to provide financial and technical support to the emerging companies sector as well as small projects, he explained during the opening of the Techne Summit, which is held under the auspices of the Ministry of Communications and Information Technology.

He also indicated that financing projects for people with disabilities, whether to finance their ideas or serve them, is on the list of interests from this available funding.

Ezz stressed the importance of supporting this sector due to the growing opportunities worldwide and in Egypt.

He noted, for example, that there are multiple clusters of these projects in Germany and France, which are linked with projects in Egypt.

Regarding the impact of the recent economic decisions on the corporate sector, Ezz said that investors in Egypt during the past months were waiting for the currency devaluation decision, and with the recent decisions “we expect more investment to flow.”