Government, private sector partnering to support entrepreneurship

The government is increasing partnerships with the private sector to support startups, especially in IT, Priya Vithani writes for Wamda. One example is Paymob, a project in partnership with Mastercard and the Egyptian Banks Company, whose online wallet has 3.5 mn users now, she says. “In the past year, the Central Bank has relaxed limitations on balance and transaction sizes that have permitted our platform to succeed in a way that would not have been possible just two or three years ago,” says Paymob cofounder Islam Shawky. Support also includes funding and providing logistical support. Programs to support startups extend beyond Cairo to other governorates including Alexandria, Luxor, and Suez.