In 2022, Egyptian startups received more than $500 million in foreign direct investment (FDI), revealed Minister of Communications and Information Technology (MCIT) Amr Talaat said in an interview with Bloomberg Asharq.

Floating the exchange rate between USD/EGP will help in attracting more investments to Egyptian startups in the last two months of 2022, the minister stated.

The Central Bank of Egypt announced on Thursday that it was implementing a durably flexible exchange rate regime soon after its Monetary Policy Committee revealed it was raising key interest rates by 2%. Since Thursday, the EGP has dropped in value against the USD by 21%.

Talaat expects an increase in foreign investments in all sectors of startups, explaining that entrepreneurial investors do not focus on a certain sector.

The ICT sector was the top sector in terms of acquisitions and merger activity in MENA during the first half of 2022, revealed a report by the Ministry of Planning and Economic Development last month.

Egypt’s highest growing sector, the ICT sector grew by 16.3% in FY2021/2022, Talaat revealed during the Egyptian Economic Conference last week.