Prime Minister Moustafa Madbouli witnessed the inking of a cooperation protocol between the General Authority for Investment and Free Trade Zones (GAFI), the Financial Regulatory Authority (FRA) and the Information Technology Industry Development Agency (ITIDA) for supporting startups in Egypt.

Minister of Communication and IT attended the event.

GAFI’s CEO Mohamed Abdel Wahab, FRA Chairman Mohamed Omran and ITIDA CEO Amr Mahfouz signed the protocol within the framework of the state’s efforts to create competitive and diversified economy in the innovation and knowledge domain.

The protocol is meant to encourage investments in Egyptian startups, lure financing for them, and engage in more local, regional and international partnerships for Egypt to become a regional and international hub for technology.

The three bodies agreed to pave the legislative and procedural climate to lure investments and find innovative solutions for startups.

Under the protocol, GAFI will prepare a unified model for stakeholder agreement to establish startups, while FRA will set facilitated measures for transferring ownership of companies and ITIDA will provide more security for investors of startups.

Source: State Information Service Egypt