EBRD and EU to boost high potential ventures in Egypt

• EBRD to start Star Venture Programme in Egypt with Falak, EFG-EV Fintech, and Misr El Kheir
• Pilot programme, supported by EU funds, will empower promising high potential early-stage ventures
• Aim is to create business environment conducive to seed and venture capital investments

Start-ups in Egypt are set to benefit from EBRD and EU support through the cooperation with Falak, EFG-EV Fintech and Misr El Kheir, three dynamic local accelerators.

The EBRD is backing early-stage ventures with a Memorandum of Understanding (MoU) to provide advisory support to the three accelerators and their beneficiary companies. 

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 an advisory support through international mentors and expert consultants, bootcamps, 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 such project in Egypt. The EU is providing grant support, which includes a dedicated venture capital instrument, fostering trade and competitiveness in Egypt.

The signing of the MoU took place today in the context of the 2018 Business for Africa Forum in the presence of Sir Suma Chakrabarti, EBRD President, H.E. Dr. Sahar Nasr, Minister of the Ministry of Investment and International Cooperation; H.E. Ambassador Ivan Surkos, Head of the European Union Delegation to Egypt, Yousef ElSammaa, CEO of Falak, Mahmoud El Zoheiry, CEO of EFG-EV Fintech, and Mohamed Abdel Rahman, Deputy CEO of Misr El-Kheir.

The EBRD works in Egypt to support sustainable energy, direct and indirect financing of private enterprises and promoting infrastructure reform. The Bank has invested around €4,5million in the country, since it started operations there in 2012.