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 Africa. The funding will support the creation of 4,000 jobs and facilitate MaxAB’s expansion across Egypt and Morocco, enabling the company to reach an additional 73,000 micro-retailers regionally.
BII CEO, Nick O'Donohoe, reflected on BII's 20-year track record of successfully investing in Egypt, highlighting the DFI’s investment in Africa’s largest Solar Park, Benban Solar Park, which is helping to contribute clean cost-effective power to meet Egypt’s growing energy demand and cut carbon emissions.
It is worthy to point out that BII has over $760 million of commitments in Egypt and its direct and indirect investments in the country span several critical sectors such as clean infrastructure and energy, healthcare, manufacturing, and financial services. Its investments currently support more than 50 businesses and over 32,000 jobs across the country.
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