Egypt signs $10m development deal with Google

28 June 2009

Egypt's Ministry of Communications and Information Technology (MCIT) has signed a $10m agreement with Google to support domestic business and workforce development. MCIT wanted the internet giant's support to provide an advertising platform for Egyptian products and services. As part of the deal, Google must invest 25% of the payment back into the Egyptian economy. Over the medium to long term, Google's $2.5m investment agreement is likely to include growing digital media start-ups, incubation venture capital, and angel funding of the ICT sector and potentially training students in online advertising.

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