Orange Egypt has announced a $52.7 million investment aimed at improving technological innovation among African youth. The investment comes as the telecommunications giant finalizes its agreement with the Egyptian government for the second phase of 5G licensing implementation.
The initiative has already benefited more than 40 startups, predominantly Egyptian ventures, reinforcing Egypt’s position as a major tech hub in the Middle East and North Africa (MENA) region. This investment builds on Egypt’s impressive startup growth trajectory, with the country currently ranking third in funding within the MENA region.
Egyptian startups have shown remarkable momentum, securing 143 funding deals worth $766.7 million in 2022 alone – a significant jump from the $606.79 million raised in 2021. The country’s thriving startup ecosystem now hosts over 2,100 companies and provides employment to more than 50,000 individuals, earning its place among the world’s top 10 emerging startup hubs.
Read also: Moniepoint attains Unicorn status with $110m Series C funding
This private sector investment complements existing government initiatives, such as Egypt Ventures, launched in 2017, which has been instrumental in creating a supportive environment for tech innovation and entrepreneurial growth.
The timing of Orange Egypt’s investment aligns perfectly with the country’s digital transformation goals, particularly the ongoing expansion of 5G infrastructure. This combination of robust connectivity and targeted funding is expected to create new opportunities for young innovators across Africa, potentially reshaping the continent’s digital landscape.