Start-ups in Egypt are set to benefit from the European Bank for Reconstruction and Development’s (EBRD) and the EU’s support, through cooperation with Falak, EFG-EV Fintech, and Misr El Kheir, three dynamic local accelerators, according to the EBRD’s statement on Saturday.
The EBRD is backing early-stage ventureswith a Memorandum of Understanding (MoU), to provide advisory support to the three accelerators and their beneficiary companies, said the statement, adding that the aim of the MoU is to help improve the business environment for seed, and venture capital investments.
This initial step is part of the Star Venture Programme, which boosts the development of the pipeline and early-stage ventures of regional equity funds. It provides advisory support through international mentors, expert consultants, bootcamps, and connections with regional and global investors. In addition, the programme focuses on economic inclusion of youth and women.
The cooperation with Falak, EFG-EV Fintech, and Misr El Kheir’s GESR incubator is the first project of its kind in Egypt. The EU is providing grant support, which includes a dedicated venture capital instrument, fostering trade, and competitiveness in Egypt, affirmed the statement.
The signing of the MoU took place today in the context of the Business for Africa 2018 Forum, in the presence of EBRD’s President, Suma Chakrabarti; The Minister of Investment and International Cooperation Sahar Nasr; Head of the EU’s delegation to Egypt, Ivan Surkos; Falak’s CEO, Yousef ElSammaa; CEO of EFG-EV Fintech; Mahmoud El Zoheiry, and Deputy CEO of Misr El-Kheir, Mohamed Abdel Rahman.
The EBRD works in Egypt to support sustainable energy, direct and indirect financing of private enterprises, and promotes infrastructural reform. The bank has invested around €4.5m in the country, since it started operating here in 2012.