Orange Egypt has pledged USD 52.7 million to enhance startup growth across Africa, with a strong focus on fostering youth-driven innovation.
This initiative was announced by Yasser Shaker, CEO of Orange Egypt, during a press conference on November 15 at the Africa Tech Summit in Nairobi, Kenya. Shaker noted that 40 startups have benefited from the funding, with Egyptian ventures receiving the largest share.
Egypt: A rising star in African tech
Egypt is rapidly establishing itself as a vibrant centre for entrepreneurship and innovation, ranking among Africa’s top three startup ecosystems. High venture capital investments, government assistance, and an ageing population contribute to this rise. In 2022, domestic and foreign investors boosted startup funding.
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Accelerators and incubators like Flat6Labs and Falak Startups play crucial roles in nurturing early-stage startups, while government initiatives like Egypt’s Digital Transformation Strategy further promote an environment conducive to business growth.
Cairo’s digital oasis: Orange Egypt’s commitment to youth empowerment
Orange Egypt is dedicated to preparing young entrepreneurs through its Orange Digital Development Centre in Cairo. The centre provides annual training to approximately 1,000 individuals in indispensable digital skills and financial investments.
This initiative aligns with the growing trend of youth-driven ventures impacting the economy. The recent opening of a new training centre in Aswan underscores Orange Egypt’s dedication to inclusivity and opportunity in underserved regions. As the country continues to focus on digital transformation and entrepreneurship, Orange Egypt’s efforts will be pivotal in positioning Egypt as a key player in the regional startup landscape.