Yacine El Mahdi Oualid, Algeria’s Minister of Knowledge Economy, Start-ups, and Micro-enterprises, has stated during the Government-Walis meeting that his department had identified over 5,000 start-ups, with 1,100 receiving the “Startup” or “Innovative Project” label.
Speaking at the meeting, whose opening was presided over by Mr. Abdelmadjid Tebboune, President of the Republic, the Minister noted that Algeria’s statistics in this area were “exceptional and encouraging,” with “more than 5,000 start-ups identified at the ministry level, including 1,100 having obtained the “Start-up” or “Innovative Project” label, while the number of incubators “has increased by 14 to 60.”
Regarding funding, the Minister said that the national fund for financing start-ups had benefited from other investment funds at the wilaya level with 58 billion dinars, at a rate of 1 billion per wilaya, which will “considerably increase its investments in start-ups,” keeping in mind that this fund invests between 5 and 150 million DA per project.
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The same official stated that the sector’s goal for the knowledge economy is to increase spending and development so that it can increase from its present 1% of GDP to 3% in five years.
The Minister recalled that the 2023 finance law included “extremely incentive” measures for the fields of research, development, and innovation in order to accomplish this goal.
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Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard