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Wednesday, 20 October 2021

Digital Egypt Fund gets the thumbs up from Cabinet

Egypt’s digital transformation drive is looking to get a boost after the Madbouly Cabinet approved a draft law to establish the Digital Egypt Fund in its weekly meeting yesterday, according to a statement. The fund is set to be headquartered in Cairo with the potential to add regional branches, and will operate across government departments to further the goals of the ICT Ministry’s Digital Egypt initiative.

What can we expect from the fund? The fund will look to develop the digital identity system, localize tech, improve digital literacy, establish data centers, modernize existing digital government services and systems, support young innovators, and finance technical studies on infrastructure development, according to the statement.

Also from the meeting:

  • Cabinet approved a draft decision to cut back on government spending in its economic development plan for FY2021-2022, for a period of six months; and
  • Greenlit agreements signed between the International Cooperation Ministry and the Swedish International Development Cooperation Agency, the first on improving Egypt’s electricity grid and the second on urban transport and express buses.
  • Mabouly directed officials to set up a working group to resolve issues facing Egypt’s fertilizer industry, including soaring prices for farmers and shortages.

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