Egypt ICT to Set up Holding Firm to Launch 7 Tech-Areas with EGP3.5bn

Big 5

An official source in Information and Communication Technology (ICT) Ministry revealed that the ministry is about to set up holding firm so as to launch 7 new technological areas with paid up capital nearly EGP3.5 billion, the ministry, Information Technology Industry Development Agency (ITIDA) and Egypt Post will participate in the launch, in addi8tion to National Investment Bank(NIB) expressed its willingness to take part in the new firm.

The new firm will mainly focus on alluring the needed investments to launch the new region after putting the final scheme for launching the firm.

The ministry is targeting to launch 7 new technological region in Ismalia ‘Technological Valley’ , Borg El-Arab, El Sadat, Damietta, Sohag, 10th of Ramadan and Aswan with investments around EGP24 billion by Public Private Partnership (PPP) system.

Housing Ministry agreed to grant ICT ministry the 7 areas among the new urban communities’ schemes in those areas.

Furthermore, ICT ministry is seeking to revive outsourcing industry services and exporting information technology by the next period.

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