Egypt’s digital economy is expected to reach a record high of EGP 62 bn in 2017, Invest-Gate reports.

Information and communication technologies’ (ICT) contribution to GDP is currently valued at EGP 56 bn, according to the Ministry of Communications and Information Technology.

ICT’s contribution is expected to see a 10% annual growth, leading organizations said on September 12 at the Egypt Inspire event hosted by digital transformation enabler SAP.

Small businesses will boost Egypt’s technology-backed economic growth, with the United Nations’ Social Fund for Development providing over EGP 3 bn loan to 150,000 micro-businesses and 15,000 small businesses, according to a statement.

“Egypt’s economy is rebounding, and 2018 will be a vital year for organizations to undergo digital transformation” SAP Egypt’s managing director, Cherif Morcos, notes.