Egypt Ventures invests $6.62mln to support startups in 2020

SourceZawya
SectorTechnology
CountryEgypt

Cairo –  Egypt Ventures has injected EGP 103.8 billion in direct and indirect investments during 2020 to support entrepreneurship and startups in the most populous Arab nation, the Minister of International Cooperation, Rania El-Mashat, said.These investments include EGP 72.4 million worth of direct investments injected into six companies and EGP 31.4 billion in indirect investments allocated to business accelerators, El-Mashat added in a statement on Tuesday.This brings the total value of investments provided by Egypt Ventures since its establishment in 2017 to EGP 306.2 million directed to 150 companies, including EGP 139.9 million in direct investments and EGP 16.3 million in indirect investments.The venture capital fund was founded in September 2017 with a paid-up capital of EGP 451 million in which the Ministry of International Cooperation holds a 48.75% interest, while the Saudi Fund for Development and CI Capital have respective stakes of 48.75% and 2.5%.Over the course of 2020, the Ministry of International Cooperation secured development financing of $9.7 billion, including $6.7 billion for financing sovereign projects and $3.1 billion for supporting the private sector, the annual report showed.Source: MubasherAll Rights Reserved - Mubasher Info © 2005 - 2021 Provided by SyndiGate Media Inc. (Syndigate.info). ...read more...