Flat6Labs, a regional start-up accelerator programme, has funded 46 projects worth $10 million between 2011 until now in Egypt, the UAE, and Saudi Arabia, Daily News Egypt quoted a top official as saying.

The programme, which works to support entrepreneurs in the Middle East, provides selected projects that apply via the website with seed financing and vocational training to their owners, explained managing director Willie Elamein.

 The programme is currently operating in Cairo, Abu Dhabi, and Jeddah, with plans to launch in Beirut, Lebanon soon, he added.

Selected projects in Egypt are supported with funding ranging between EGP100 ($11.2) and EGP150,000, for a stake of 10-15 per cent of the project’s shares, said Elamein.

Flat6Labs has recently held a cooperation agreement with Barclays Bank Egypt, in order to support entrepreneurs in the field of financial technology in Egypt.

According to Elamein, the programme chose Barclays Bank for its interest in innovation, which is the same field of Flat6Labs work.