The United Nations Development Programme (UNDP) and the Information Technology Industry Development Agency (ITIDA) affiliated to the Ministry of Communications and Information Technology, signed a new project agreement today in Cairo’s Smart Village. The new five-year project seeks to bring financing opportunities and mentorship into Egypt’s tech sector, to its innovators and entrepreneurs, which could open doors to new and exciting advancements.

The new project, Maturation of ICT-enabled Innovation-driven Entrepreneurship Ecosystem, is designed to spur growth and bolster the success of ICT entrepreneurs in Egypt. The project will focus on building a resilient, reliable, relevant landscape to foster innovation, ease access to financing flows for start-ups and innovators, and create networks of peers and mentors at various stages of start-up development.

“This new project helps Egypt to keep pace with both demand and ambition for rapid digital transformation, which has the potential for a multiplier effect on the development goals like economic improvements, climate change mitigation, and boosting women’s economic empowerment. With the Cairo start-up ecosystem valued at USD 8.3 B, there is untapped potential for talent and ideas to contribute to Egypt’s digital space,” says Alessandro Fracassetti, UNDP Egypt Resident Representative.