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

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

CAIRO – 18 May 2024: 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