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Sunday, 25 October 2020

Egypt-focused Badia Impact Fund II achieves first close of USD 36 mn

INVESTMENT WATCH- Egypt-focused Badia Impact Fund II hits first close of USD 36 mn. The European Bank for Reconstruction and Development (EBRD) has committed USD 10 mn to venture capital tech fund Badia Impact Squared (BIF II), bringing it to a first close of over USD 36 mn, the bank said in a statement. The fund had previously said it would be targeting capital of USD 50 mn and would invest in tech SMEs throughout Lebanon, Morocco, Palestine, and Tunisia, with an emphasis on Jordan and Egypt. This is the second time the EBRD has invested in a Silicon Badia fund after committing USD 8 mn to its first fund in 2014. The European Investment bank announced earlier this month that it would be committing USD 10 mn to Badia Impact Squared, while the Dutch Good Growth Fund has also contributed USD 10 mn.

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