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

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.