Egypt launched a $50 million venture capital fund to help finance new and existing startups.
The World Bank is supporting the operation of the program, which is aimed at tech-based startups to provide both technical and financial support to help them achieve their project goals.Â
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.Â
After cooperating with one of the most important donors to the agency, the World Bank, MSMEDA is eager to review and develop the needs of startups.
It also aims to educate employees in financial institutions about the program and how it can support their ideas.