Mohamed Okasha, chairman and co-founder of DisrupTech Fund, unveiled plans to inject $220 million into Egyptian startups over the course of the next two years. The investment, largely expected from foreign funds, particularly those hailing from Africa and the Gulf region, signals a vote of confidence in Egypt’s burgeoning tech ecosystem amidst global economic challenges.

Speaking at the “ICT and Opportunities to Attract Foreign Investment Session” during the Ninth Annual CEO Conference, Okasha emphasized the opportune moment for investment despite prevailing hardships. He highlighted Egypt’s commitment to digital transformation initiatives and the drive towards widespread financial inclusion, bolstering the appeal for potential investors.

Okasha underscored the significance of supporting local startups, noting the absence of foreign investors in the current landscape as an advantage for local stakeholders. He urged Egyptian investors to seize the moment, emphasizing the importance of strategic investment without inflating company valuations.

Furthermore, Okasha stressed the necessity for Egyptian startups to fortify themselves internally, citing the importance of readiness to absorb new funds. He advocated for expansion into international markets, citing untapped opportunities in Gulf and European markets for Egyptian innovations, particularly in fields like artificial intelligence and data analysis.

Egypt’s attractiveness as an investment destination was underscored by Okasha, who ranked it among the top three investment-friendly countries in Africa, following South Africa and Nigeria. With a youthful population comprising 75% under the age of 40 and robust telecommunications infrastructure, Egypt offers fertile ground for tech ventures.

However, Okasha acknowledged challenges stemming from global economic turbulence, attributing the decline in venture capital investments to factors such as pandemic-induced inflation and geopolitical tensions like the Russian-Ukrainian conflict. He noted the resultant repricing of major companies, impacting all entities operating in US dollar-denominated markets due to currency devaluation.

As DisrupTech Fund gears up to channel significant investments into Egyptian startups, Okasha’s remarks underscore both the opportunities and obstacles facing the country’s tech ecosystem amidst a rapidly evolving global landscape.