Egypt targets $5 billion in venture capital under plan to support 5,000 startups

Egypt’s government is targeting support for 5,000 startups under a new plan to strengthen entrepreneurship and attract $5 billion in venture capital investment.

The plan pairs support for emerging businesses with an effort to draw investment into the startup sector. The $5 billion figure is an investment target, rather than an announced government funding allocation.

The initiative places startups at the centre of the government’s push to promote entrepreneurship, with access to venture capital a key part of its stated ambitions.

Details of the timetable, eligibility requirements and support available to individual companies were not provided in the announcement. It also did not specify how the government intends to attract the targeted investment.