Cisco invests $10m into Egypt

Money will be aimed at small businesses in order to support job creation, economic development

Tags: Cisco Systems IncorporatedEgyptInvestment
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Cisco invests $10m into Egypt Cisco has announced that it will invest $10m into small businesses in Egypt to support job creation and economic development.
By  Georgina Enzer Published  June 3, 2011

Cisco has announced that it will invest $10 million into small businesses that provide innovative products, services and solutions, to start a sustainable model of job creation and economic development in Egypt.

Cisco will also take part in a multi-stakeholder collaboration to encourage further investment into the Egyptian economy from local, regional and global organisations.

"In addition to strategic investments, Cisco assists governments across the globe with ongoing advice, access to international best practices, and a vast array of state-of-the-art technology solutions. We believe there is tremendous growth potential in Egypt's ICT sector and are committed to supporting Egypt's, as well as MENA's, long-term goals. It is therefore appropriate for Cisco to make this investment into the Egyptian economy and its people," said John Chambers, chairman and CEO, Cisco.
ICT investment in Egypt has doubled between 2001 and 2010 and continues to grow, according to Cisco; however, ICT penetration remains low.

Cisco has predicted that the deregulation of the telecom sector, the dramatic expansion of technology use by the younger generation, and continued investment will accelerate usage in the country.

Cisco currently has 333 Cisco Networking Academies in Egypt, which have 655 instructors and 18,716 students, of which 43% are women. The programme has trained almost 45,827 students since it began in the country.

"The Egyptian government recognises that a properly functioning telecoms and information technology infrastructure is essential for attracting foreign investment and enabling the private sector and government to function more efficiently. The government's aim is for Egypt to become an IT hub providing IT-assisted teleservices to foreign companies. We therefore commend Cisco for this $10 million investment, which will help us promote economic development leading to enhanced opportunities for the people of Egypt," said Dr Magued Osman, minister of Communications and Information Technology of the Arab Republic of Egypt.

2266 days ago
Vinod Mehra

Noble initiative by Cisco in the Egyptian economy. But where does the initiatives stand after the political changes. Have they been dismantled or alive.

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