Warning: count(): Parameter must be an array or an object that implements Countable in /usr/www/users/liquiggmcb/wp-includes/post-template.php on line 284

World Bank Invests $50m In Egypt To Develop Early-Stage Venture Capital Network

 In news

As part of a $200 million project aimed at supporting small businesses and job creation for women and youth in Egypt, the World Bank is investing $50 million to develop an early-stage investment network in the North African country.

The global organization is expecting to invest the funds in privately managed risk capital intermediaries, such as angel funds, accelerators, venture capital funds and investment firms, according to Ventureburn.

The World Bank is a Washington D.C.-based international financial institution that provides loans to countries for capital projects, its website reveals.

Its 189 member countries fund the bank which makes decisions on how to use the funding to reduce poverty and build shared prosperity in developing countries.

Egypt’s startup scene has shown signs of growth over the last year, with a number of companies attracting investment.

In September 2018, digital health startup Vezeeta raised the biggest investment round ever disclosed by an Egyptian tech company, at $12 million, according to Techcrunch.

Egypt was the fourth most popular African destination for tech funding in 2017, according to the annual African Tech Startups Funding Report released by Disrupt Africa.

In May 2018 two Egyptian startups were selected to take part in the Silicon Valley-based 500 Startups accelerator program.

The two startups from Egypt, Harmonica and Shezlong, were among a list of 18 startups from around the globe that were chosen to benefit from the venture capital seed fund and accelerator, reported 500 Startups.

Venture capital network for Egypt
The increase in funding can in part be attributed to the 2016 launch of Algebra Ventures, the $50 million Cairo-based venture capital firm that has invested in a host of early-stage Egyptian technology companies over the last two years, Wamda reports.

The proposed early-stage venture capital network is expected to build on that momentum.

The World Bank says that it aims to leverage the technical capacity and know-how of the Egyptian private sector in investing the $50 million in seed-stage startups to create jobs and promote entrepreneurship, according to VenturesAfrica.

International investors will also be eligible to apply for funding to invest in Egyptian startups, Menabytes reports. Source: Moguldom

Recent Posts
Showing 8 comments
  • Way cool! Some very valid points! I appreciate you writing this article and also the rest of the website is extremely good.

  • http://tinyurl.com/

    I could not refrain from commenting. Well written!

  • cbd oil that works 2020

    Hi there exceptional blog! Does running a blog like this take a
    large amount of work? I’ve virtually no knowledge of programming but I had been hoping to
    start my own blog in the near future. Anyway, should you have any
    ideas or tips for new blog owners please share.
    I know this is off subject but I just had to ask.
    Thanks!

  • Aimee Harmon

    I simply want to tell you that I’m new to blogs and really savored you’re blog site. Very likely I’m planning to bookmark your website . You certainly come with perfect stories. With thanks for sharing your blog site.

  • Abdul Stille

    I simply want to say I’m all new to blogging and site-building and certainly enjoyed your web page. Very likely I’m want to bookmark your blog post . You absolutely have fantastic articles. Appreciate it for sharing with us your web page.

  • CBD Gummies

    I am just commenting to let you know of the perfect experience my wife’s princess encountered studying your web site. She picked up numerous details, most notably what it’s like to have an ideal helping character to have many more very easily gain knowledge of selected advanced subject matter. You undoubtedly exceeded our own expectations. Thanks for offering such effective, healthy, explanatory and in addition fun thoughts on this topic to Gloria.

  • buy viagra

    This internet site is really a walk-through for every one of the information you wanted regarding this and didn?t recognize that to ask. Peek below, and you?ll most definitely uncover it.

  • CBD for sale

    Really nice style and design and excellent content , nothing at all else we need : D.

Leave a Comment

Contact Us

We're not around right now. But you can send us an email and we'll get back to you, asap.

Not readable? Change text.

Start typing and press Enter to search