GIZ launches €100 million funding programme for first-time fund managers

SourceWamda
SectorFinancial Markets
CountryEgypt

GIZ Egypt, in partnership with Egyptian Micro, Small and Medium Enterprises Development Agency (MSMEDA), Endure Capital and Changelabs, has launched a €100 million ($120 million) funding programme “VC University”, targeting first-time venture capital (VC) funds.

The year-long programme will offer prospective fund managers mentorship as well as access to different LPs from across the world. For its part, MSMEDA will be providing technical assistance to selected fund managers.

"Besides cash, the programme is designed to educate early-stage fund managers on how they can raise capital or deal with challenges that might surface up down the road," said Ali Saleh, head of young enterprise finance at GIZ Egypt.

Lack of access to early-stage financing remains one of the key challenges facing startups in Egypt as well as in the wider Middle East and North Africa region (Mena) region. The initiative, according to Saleh, is aimed at boosting cash flow into the risk capital ecosystem, and thus increasing cash injection in Egyptian startups, especially...read more...