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Key Stakeholders Promoting Tech Ecosytem in Egypt

Key Stakeholders Promoting Tech Ecosytem in Egypt

By Nazmia Nassereddine 20 March 2024

Egypt Vision 2030 was launched in February 2016. The country’s long-term strategic plan was launched to achieve the principles and goals of sustainable development in all areas, and to mainstream them into the different state agencies for implementation. 

Traditionally, Egypt has relied on tourism to buoy its economy, but as the pandemic showed – a strong economy is a diversified one – and this is precisely what Vision 2030 sets out to do for the Egyptian economy. The North African nation witnessed 11.7 million tourists in 2022, up from 8 million tourists the year before – a hard year due to global travel restrictions in place due to the Covid19 pandemic. In the first 10 months of 2023, the country attracted a record 10 million tourists, however the recent Israel-Hamas war poses significant risk

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National Bank of Egypt

National Bank of Egypt

The National Bank of Egypt (NBE) holds the distinction of being Egypt's oldest commercial bank that has continuously evolved its functions and roles to align with the changing economic and political landscape of Egypt over its extensive history.

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Investing in Egypt’s Startup Ecosystem

Micro, Small and Medium Enterprises contribute over 40% to Egypt’s economy, and account for over 75% of the country’s total employment. Entrepreneurship is critical to Egypt’s future. Today, Egypt consistently ranks as a top 3 tech startup ecosystem in both the MENA and Africa regions, based on funds raised by local startups. In this special report, we speak to the most active investors in Egypt and cover some of the country’s most successful startups to give you an inside scoop on how they are navigating the current VC winter, inflationary pressures and currency devaluation woes.

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