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Egypt to establish 7 technological parks with EGP 1 billion investments: ICT Minister

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Egypt to establish 7 technological parks with EGP 1 billion investments: ICT Minister
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Source: Daily News Egypt

Minister of Communications and Information Technology, Amr Talaat, told Daily News Egypt that seven technological parks will be launched in 2019 in different universities at a total cost of EGP 1bn.

During the Euromoney Egypt 2019 conference on Monday, Talaat revealed that the parks will be financed through the ministry’s resources in parallel with the beginning of the new academic year.

Talaat said that the ministry is ready to contribute to the fintech fund, which the Central Bank of Egypt (CBE) plans to launch next year if the latter requests it.

Talaat told Daily News Egypt that the CBE aims to launch a fund to support fintech startups early next year with a capital of $50-100m.

Egypt has exerted more efforts in improving information and communication technologies (ICT) and digitalisation. 

Egypt’s ICT sector recorded 16% growth in fiscal year (FY) 2018/19, he revealed, explaining that the country’s CT exports reached $2.6bn in one year.

The ICT sector stood at 3.2% of Egypt’s GDP during the previous FY, and the target is to reach 4% of GDP this year, the minister noted.

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