
A photo showing Minister of International Cooperation Rania Al-Mashat during a meeting with Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI).
Established in 2017, Egypt Ventures is an investment firm seeded by the Ministry of International Cooperation with a mandate to support and invest in startups from a diverse range of sectors across Egypt.
Within the company’s investment portfolio, EGP 222.2 million has been allocated as direct investments, while EGP 166.3 million has been dedicated to indirect investments, as per the statement.
Furthermore, Egypt Ventures supported the growth of startups across various sectors through its involvement with three business accelerators including, Falak Startups, Flat6Labs, and Fintech EFG EV.
These figures were announced during a meeting between Minister of International Cooperation Rania Al-Mashat, and CEO of the General Authority for Investment and Free Zones (GAFI) Hossam Heiba to explore ways to bolster the business environment.
Both parties emphasized the pivotal role played by Egypt Ventures in enhancing the startup investment landscape.
Additionally, the discussed enhancing partnerships with multilateral and bilateral development partners, with the shared objective of supporting startups.
Al-Mashat underscored the government's commitment to expanding the role of startups and entrepreneurship as catalysts for innovation and economic growth.
Echoing this sentiment, Heiba emphasized the need for close collaboration among all government entities to enhance the investment climate, which aligns with Egypt's broader plan to attract $12 billion in FDIs during FY2023/24.
Notably, Egypt has been actively pursuing foreign investments, with a particular focus on Gulf nations, to drive economic recovery and fulfil its obligations under a $3 billion loan agreement signed with the International Monetary Fund (IMF) in 2022.
In June, Prime Minister Mostafa Madbouly established a dedicated permanent cabinet unit, mandated with proposing policies, laws, and regulations that facilitate the growth and prosperity of local startups.
In December, Egypt came first in the Middle East and North Africa (MENA) region in terms of startup funding, with a total of $45.7 million
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