Egypt launches $50M venture capital programme to support tech startups

Egypt has launched a $50 million venture capital programme to finance new and existing investment funds, in collaboration with the World Bank.

The fund was announced by Nevine Gamea, Egypt’s Minister of Trade and Industry, and Executive director of MSMEDA, the Micro, Small and Medium Enterprise Development Agency, during the opening of the Direct Investment Week.

The Direct Investment Week was co-organised by MSMEDA and the African Private Equity and Venture Capital Association, in cooperation with the World Bank, the German Agency for International Cooperation (GIZ), the Misr Insurance Holding Company, and the National Bank of Egypt (NBE).

The Venture Capital programme aims to support young innovators by providing both technical and financial support that would help them establish tech-focused projects and apps that facilitate peoples’ needs.

Nevine Gamea emphasized the state’s interest in supporting young innovators. She further 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, primarily those relying on technology and modern applications and have witnessed rapid growth after the spread of the Coronavirus.

“The most prominent feature of the venture capital programme is that it allows investment in funds that wish to expand in the African market. This helps increase trade exchange and exchange experiences with neighbouring countries in Africa.”

~ Nevine Gamea | Minister Trade and Industry, Executive Director MSMEDA

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