The British Embassy in Cairo has announced plans to invest GBP1 million (US$1.2 million) in Egyptian startup businesses as a means of backing the vibrant local tech scene.
The British Embassy in Cairo said the promise of funding was a show of confidence in Egyptian startups.
“Many of these have already been on display at this year’s RISEUP summit, which HMA John Casson was excited to be speak at last week and expressed his enthusiasm to join as a speaker, and which the UK recognises as a leading gathering of the start-up community in the Middle East. It also recognises the importance of small businesses in creating economic opportunities and jobs,” the British Embassy said in a statement.
Egyptian entrepreneurs are invited to apply for backing, with successful startups to receive funding, technical advice and access to an international network of entrepreneurs. Social impact is key to the process.
“Examples of social impact would be that it helps create jobs, gives opportunities to women, supports deprived regions, or improves access to or delivery of public services (health and education in particular). The final selection will be in the form of a competition with winners selected by an independent panel of experts,” the embassy said.
“We invite others already engaged in this work in Egypt (angel investors in particular) to propose how we might work together on this important initiative.”