Egypt launches new World Bank-backed USD 50 mn VC fund
MSMEDA partners with World Bank to launch USD 50 mn VC fund: The Micro, Small and Medium Enterprise Development Agency (MSMEDA) has launched a venture capital fund with USD 50 mn from the World Bank, according to a press release. Trade Minister and MSMEDA Executive Director Nevine Gamea announced the new fund at a private investment conference co-organized by MSMEDA, the African Private Equity and Venture Capital Association, the World Bank, German development agency GIZ, and Misr Ins. Holding.
How will the fund work? The program will funnel financing into existing investment funds and create new ones, according to the press release, which didn’t specify the targeted sectors or planned ticket sizes. International funds looking to enter African markets are eligible to receive funds through the program, Gamea is quoted as saying, in a move meant to boost pan-African trade and idea-sharing. Some funding will also go towards training financial institutions’ employees on VC funding, according to the statement.