U.S. based firm 500 Global has signed an MOU on Tuesday with the Egyptian Information Technology Industry Development Agency (ITIDA) to open an office in Cairo to boost the country’s evolving start-up ecosystem.
Egypt’s Minister of Communications and Information Technology Amr Talaat has witnessed the agreement, seeking to provide promising Egyptian-based start-ups with the necessary tools to succeed, according the Ministry’s statement.
The agreement aims to operate CREATIVA Innovation Hub in Giza as a vital global centre that is equipped at the highest level to develop startup capabilities and promote digital innovation and entrepreneurship among youth.
The three-year agreement, 500 Global will support nearly 200 startups, and create an investment fund for startups in Egypt.
Under cooperation; 500 Global will provide a yearly session of a scale-up program will be implemented for 15 start-ups in the pre-Series A stage, as well as two sessions annually of the start-ups camp program for 25 companies in the incorporation stage.
Talaat added that the Ministry is targeting to train aspiring accelerator managers, thus creating the conditions to foster a regional community of innovators.
500 Global is one of the largest and most active investors in emerging companies in the world, especially in the Middle East and North Africa region, and it is headquartered in Silicon Oasis, California, USA, and has offices in 16 countries.