Egypt has announced a $50 million venture capital programme backed by the World Bank to support and finance new and existing startups.
The project is aimed at supporting young innovators and tech startups to establish tech-focused projects both technically and financially geared towards achieving their project goals.
The fund was announced by Egypt’s Minister of Trade and Industry, Nevine Gamea — also executive director of the Micro, Small and Medium Enterprise Development Agency, also known as MSMEDA.
Gamea added that MSMEDA is keen on reviewing and developing its financial services on an ongoing basis to meet the needs of various types of projects, especially those that rely on technology and modern applications and have witnessed rapid growth after the spread of the Coronavirus.
Gamea made this statement in her speech during the opening of the Direct Investment Week, which is co-organised by MSMEDA, the Egyptian Association for Direct Investment, and the African Private Equity and Venture Capital Association, in collaboration with the World Bank.
Gamea added that the most prominent feature of the venture capital programme is that it aids investment and also expand in the African market. With this said he pointed out that there will be trade exchange with neighbouring countries in Africa.
She, therefore, urges the agency to work as a team with the various international and donor agencies to implement programmes that aim to develop incubators and business accelerators in line with international standards, which helps support entrepreneurs and encourage them to start new projects.
