Egypt, IFC discuss proposed fund to support startups, digital innovation

Egypt is discussing a proposal with the International Finance Corporation (IFC) on Thursday to establish a fund to finance startups and innovative ventures, as the country seeks to attract private investment into technology and expand its digital economy.

Planning and Economic Development Minister Ahmed Rostom discussed the proposal with Ethiopis Tafara, IFC regional Vice President for Africa, on the sidelines of the annual meetings of the International Monetary Fund and World Bank Group in Bangkok, the ministry said in a statement. 

The proposed fund is intended to provide financing to help startups and innovative projects grow, while encouraging private-sector investment in technology-driven businesses, according to the ministry. No details were provided on the fund’s potential size, structure, or timeline.

The discussions also focused on expanding cooperation with the IFC to support digital entrepreneurship, strengthen innovation platforms, and develop Egypt’s technological infrastructure.

Rostom said Egypt was seeking to build an environment that enables startups to grow and reach regional and international markets. He also highlighted plans to develop innovation incubators into regional hubs for testing new technologies and supporting startups across Africa.

The government aims to strengthen the role of startups in economic growth and job creation while improving the competitiveness of the Egyptian economy, the ministry said.

The meeting was attended by IFC Regional Director Farid Fezoua and Ary Naim, IFC’s Division Director for North Africa and the Horn of Africa.