ArabFinance: Egypt’s Micro, Small, and Medium Enterprise Development Agency (MSMEDA) and the World Bank launched a $50 million venture capital (VC) fund to support entrepreneurship projects, according to a press release.
The fund will be also used to fund specialized training programs for employees in several financial institutions to educate them about funding.
Egyptian trade minister and MSMEDA’s Executive Director Nevine Gamea said that the VC program paves the way for investments in African markets.
Gamea highlighted that MSMEDA “collaborated with numerous international and donor agencies to build incubators and business accelerators in line with international norms.”
Established in 2017, MSMEDA focuses on the development of SMEs, and entrepreneurship either directly or through the coordination of the efforts of all parties and civil associations and initiatives.