Investments in ICT grew by 35% in Egypt: U.S. ambassador

CAIRO – 24 February 2021: As many have been seeking cloud services, investments in the ICT sector rose by 35 percent in Egypt in 2020, U.S. Ambassador to Cairo Jonathan Cohen stated Tuesday in a speech he delivered virtually in an AmCham event.

Cohen elaborated that start-ups alone collected $100 million in the sectors of mobile payments, e-commerce, FinTech, and healthcare technology. He pointed out that the ICT sector has been growing the most in the country recording a rise of 17 percent annually in the past years.

Egypt is blessed with a strategic location that qualifies it to be a regional hub for data centers in Africa and the Middle East so as such industry is estimated to grow significantly over the next few years, the ambassador underlined.

"Egypt connects together Africa, the Middle East, Asia and Europe, and its connectivity to 18 main global submarine cable systems makes it a very attractive market," Cohen highlighted. He also showcased that Egypt is rich in human resources "with diverse and growing talents" for as half a million graduate every year, including 50,000 from ICT departments.