Egypt to Launch $50M VC Programme With World Bank
The programme will look to support young entrepreneurs on several fronts, including establshing specialist incubators and accelerators.
Egypt’s Micro, Small & Medium Enterprise Development Agency (MSMEDA) has announced that it is launching a new venture capital programme worth $50 million in collaboration with the World Bank.
Spearheaded by Nevine Gamea - the Minister of Trade & Industry and Executive Director at MSMEDA - the programme will look to support startups and entrepreneurs on several fronts, chiefly to support young Egyptians. It will also look to finance new and existing investment funds, help young entrepreneurs establish tech-focused projects and apps that provide for peoples’ needs, and develop incubators and business accelerators. The ultimate aim is to facilitate entry into the free labour market for Egyptians so that they can implement modern, advanced projects that can compete on a global level.
The announcement was made by Gamea at Direct Investment Week in Cairo, though details on a timeline have yet to be revealed.