Communications and Information Technology Minister Amr Talaat witnessed on Friday 25/11/2022 the signing ceremony of a cooperation agreement between the Information Technology Industry Development Agency (ITIDA) and 500 Glbal firm to open the first headquarters for the firm in Egypt and Africa.

The three-year deal includes building the capabilities of 200 startups as well as establishing investment fund to support startups in Egypt.

Talaat asserted that this comes within the ministry’s keenness to cooperate with major companies to build network for experts, investors and companies in order to develop startups and entrepreneurs working in the technology field.

The 500 Global is a venture capital firm with $2.7B in assets under management that invests in founders building fast-growing technology companies. It focuses on markets where technology, innovation, and capital can unlock long-term value and drive economic growth.