Cairo – Egypt: The Ministry of Investment and International Cooperation signed an agreement with the United Nations Development Programme (UNDP) to establish Egypt’s first Development Investment Support Fund with a target capital of $50 million.

The fund will be jointly funded through the newly established Egypt Entrepreneurship Company and the UNDP, minister Sahar Nasr said in a statement on Wednesday.

Nasr explained that the first task of the investment fund will be establishing a startup incubator, supporting development projects, and encouraging investments that contribute to decreasing the poverty rate, creating jobs, and increasing investments in renewable energy.

The UNDP will provide advisory services for the startup incubator, and provide special technical assistance, including promotional offers, training, and the organisation of conferences, according to the statement.

Nasr explained that startups will be motivated through the creation of market incentives that allow competition, supporting small investors, providing technical training to investors, and linking them to the external market.