Egypt hatches $1 billion plan to nurture projected 5,000 startups

Egypt has rolled out a National Startup Charter, unveiling a $1 billion plan to turn young companies into engines of jobs and growth.

The five-year program is designed to back about 5,000 startups and create half a million jobs as officials try to make entrepreneurship a mainstream career path, Arab News reports.

Egyptian startups have been gaining traction, pulling in $238 million in venture capital over the past year.

The charter promises simpler regulations, faster government approvals and better access to financing, addressing long-standing complaints about Egypt’s labyrinthine bureaucracy and red tape.