Silicon Valley-based early-stage investor and accelerator Plug and Play will launch a new startup accelerator and an incubator in Egypt in partnership with the Information Technology Industry Development Agency (ITIDA), the Communications Ministry said in a statement yesterday.

Under the three-year agreement signed yesterday, Plug and Play will launch a new accelerator program that will run two cycles each year, targeting a total of 60 companies. The incubator will provide support to 60 early-stage startups each year split into two cycles. These will be run by a new company to be set up in Cairo by Plug and Play and ITIDA.