Egyptian government signs a cooperation protocol to support startups

Egyptian government signs a cooperation protocol to support startups

Egypt witnessed the signing ceremony of the Cooperation Protocol between the General Authority for Investment and Free Zones, the Financial Regulatory Authority and the Information Technology Industrial Development Agency  (ITIDA) for supporting Egyptian startups.

The protocol signing was attended by Egypt’s Prime Minister and Minister of ICT. The protocol is a result of the efforts of a team comprising of members from ITIDA, headed by Engineer Amr Mahfouz and Venture by Shahid, a department within Shahid Law Firm specialized in providing legal services for startups and venture capitalists.

“Signing of the Cooperation protocol between the biggest two authorities that support the startups as a positive and paramount step in the legislation regulating Egyptian startups which would indeed increase  the investments and funding of startups,” Partners Girgis Abd El-Shahid and Rehan El-Bashary, who led this project within Shahid Law Firm, said.

The team prepared a legal memorandum that included the provisions and principles commonly used by startups in their joint ventures and agreements with investors and their compliance with the Egyptian laws aiming for  developing an encouraging ecosystem for entrepreneurs and venture capital firms to invest and fund Egyptian startups. The memo also included proposals that would facilitate investing in startups.  

Also read: Egypt ratifies its FinTech and Unified Budget Laws

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