Germany's Development Bank (KfW) and Smart Capital, a body mandated by the Tunisian government to manage Startup Tunisia project, signed Thursday in Berlin a €20 million subscription form of the KfW for the Anava Seed Fund and an agreement of technical assistance (€4 million) to the same fund.
The signing ceremony was held on the sidelines of a Tunisia-Germany Intergovernmental Follow-up Committee meeting (November 29-December 1 in Berlin), KFW said. The agreements fit within the programme of bilateral cooperation.
These capitals will provide the Tunisian entrepreneurial ecosystem with a much-awaited financial support as thirteen underlying funds will be created by 2025 in the seed, start-up and expansion phases. A new generation if funds will be developed as part of this initiative.
Funds available for technical assistance will help build the capacities of Smart Capital and increase its resources and enhance tools to manage the fund of funds.
The Deposit and Consignment Fund is the anchor investor of the ANAVA fund with an initial investment of € 40 million through a loan made by the World Bank to the Tunisian government as part of the Innovative Start-ups and SMEs project.
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