First IT incubation fund established in Egypt

Published May 28th, 2001 - 02:00 GMT

The first technology incubations fund in Egypt will open in the next three months, with investment totaling 50 million Egyptian pounds ($12.8 million).  

 

According to the Al-Sharq Al-Awsat newspaper, the Minister of Telecommunication and Information, Ahmed Nadheef, said that the ministry had recently signed an agreement with Al-Tejari International Investment Company to set up this fund, which will finance, promote and supervise newly launched technology companies as well as assure their long-term success. 

 

This initiative is expected to encourage other companies and associations to establish similar incubators for promoting technology industries, which will serve as the core instrument for boosting the technology industry in Egypt. — (MENA Report)

© 2001 Mena Report (www.menareport.com)


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