British International Investment eyes investing $100mln in Egyptian startups

British International Investment eyes investing $100mln in Egyptian startups

Cairo – The UK's development finance institution (DFI) and impact investor, British International Investment (BII), announced its plan to invest $100 million in Egyptian startups over its current strategy period.

The DFI, previously known as CDC Group, stressed its commitment to strengthen its partnership with Egypt and raise climate finance to support the country’s green growth, according to a press release on Wednesday.

The announcement was made at a business reception, taking place at the British Embassy in Cairo’s Garden City, during which BII launched its new name.

Meanwhile, BII highlighted its ‘Innovation for Impact’ Venture Capital (VC) summit taking place this week in Cairo, the first major event dedicated to VC in emerging markets.

British Ambassador to Egypt, Gareth Bayley, said: "Egypt is one of BII’s priority markets, given the growth potential this country has to offer. BII’s investment deals, whether in financial services, health or clean energy, illustrate the strength of the UK-Egypt trade and green partnership.”

The DFI revealed new commitments to Algebra Ventures and Endure Capital, two leading local VC firms that support and collaborate with the most promising early-stage businesses to build transformative companies across different sectors.

The DFI has also invested in MaxAB, a prominent B2B e-commerce platform in North