This is the largest ever venture capital engagement by the EIB in the Middle East.
The new venture capital fund launched by Middle East Venture Partners (MEVP) aims to increase targeted equity investment in high-growth e-commerce, health, and education technology companies across the Middle East and Pakistan.
“EIB has unique global experience of ensuring that entrepreneurs and growth companies access finance. We welcome EIB’s investment that will ensure that growth companies across the Middle East can grow, harness new business opportunities and create thousands of skilled jobs,” said Walid Hanna, Founder and co-CEO of MEVP.
“The European Investment Bank recognises the unique role of venture capital and works with leading venture capital partners to unlock high-impact targeted investment that boosts economic growth and ensures that entrepreneurs benefit from growth and innovation best practice”, said Gelsomina Vigliotti, EIB’s Vice President.
Vigliotti added that the fund will enable local companies to grow; build on new opportunities for digital commerce, education and healthcare services highlighted by the COVID-19 pandemic; and deliver thousands of high-skilled jobs across the region.
“The European Union is committed to private sector development in Egypt and across the region. This new cooperation between EIB Global and Middle East Venture Partners will accelerate skilled job creation and increase the role of technology driven business in the years ahead,” said Ambassador Christian Berger, Head of the European Union Delegation to Egypt.