Egypt’s Ministry of Investment and International Cooperation signs an agreement with the Egypt Company for Entrepreneurship and Investment,  NIC Capital, and Flat 6 Labs to invest EGP 10 mn in start-up companies, Invest-Gate reports.
According to the signed agreement, the four entities will launch incubators across six governorates in order to support startups, young entrepreneurs, and reduce centralization in the capital.
The aim of the agreement is to increase private sector investments by encouraging innovation and supporting young entrepreneurs. Such act is found to be a great mean to provide job opportunities in different governorates, which would contribute to economic growth and increase capital.
Minister of Investment and International Cooperation Sahar Nasr says, “The agreement comes in cooperation with the International Finance Corporation, which provides financing of up to USD 2 mn for Flat 6 Labs.”
According to the agreement, Flat6Labs will provide funding for 100 start-up companies and support 300 entrepreneurs over the next five years.
Flat6Labs is a regional start-up accelerator program, which provides funding, strategic mentorship, and workspaces for entrepreneurs.
The Egyptian Ministry of Investment and International Cooperation’s goal is to support young investors and startups, aiming at providing equal opportunities for all investors.