Egypt allocates multi billion pounds for youth-led tech startups

Egypt’s central bank will allocate 10 billion Egyptian pounds ($1.1 billion) for youth-led technological projects, which will have high economic feasibility, central bank chief Tarek Amer announced Wednesday.

The money is part of the central bank’s 200 billion-pound initiative to support and boost small and medium-sized industries, Amer said during the science and technology session of the first annual National Youth Conference kicked off Tuesday in Sharm El-Sheikh.

President Abdel-Fattah El-Sisi inaugurated on Tuesday the first annual National Youth Conference in the Sinai resort city of Sharm El-Sheikh with the participation of 3,000 youth from the country’s universities and political parties.