25 July 2024 03:18 AM

Egypt raises training budget to LE 1.7B in 34-fold increase over past 5 years

Saturday، 18 May 2024 - 09:51 PM

Egypt's Minister of Communications and Information Technology (MCIT), Amr Talaat, highlighted the role of Egypt's Digital Creativity Centers in empowering entrepreneurs to acquire technical, economic, marketing, and financial skills. 

He stated that 40 startups in Cairo and Giza raised $40 million in investments over the past two years and over 55 startups were incubated in the governorate-based centers.

The number of these governorate-based centers has grown from 3 to 20, to establish one in every governorate in the next fiscal year. Talaat revealed that the training budget has increased 34-fold over the past five years, from LE 50 million in 2018/2019 to LE 1.7 billion in the current fiscal year. 

Furthermore, the number of trainees has grown from 4,000 to 400,000 during the same period.

The MCIT minister announced measures to streamline establishment procedures, including reducing the capital requirement for one-person companies from LE 50,000 to 1,000, enabling virtual headquarters, and launching a digital platform for remote company formation. Additionally, a whitelist system has been introduced to facilitate the import of electronic components for startups in the electronic design and circuits field.

Talaat made the remarks during the opening ceremony of the 11th edition of RiseUp Summit, which was held on May 16-18 under the auspices of Prime Minister Mostafa Madbouly.

Talaat explained the ministry's four-pillar strategy to support startups in the communications and information technology sector. This includes providing digital skills training, building entrepreneur capabilities, facilitating startup establishment procedures, and promoting an entrepreneurial culture.

On the sidelines of RiseUp, a memorandum of understanding (MoU) was signed between the Information Technology Industry Development Authority (ITIDA) and RiseUp, aimed at stimulating entrepreneurship and enhancing the use of artificial intelligence technology in the communications and information technology sector, as well as in various other industries.

Egypt Today

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