Jordan’s Innovative Start-ups and SMEs Fund (ISSF) is investing $5 million in MSA Capital’s venture fund, MSA Novo, to support start-ups.

The investment seeks to empower promising start-ups in Jordan and open opportunities for young businesses in the country to boost the local entrepreneurial landscape, ISSF said in a statement.

“[This investment] unlocks new opportunities for Jordanian start-ups, providing them with the financing needed to scale and thrive in the competitive global market.”

MSA Novo is an emerging markets-focused venture fund under MSA Capital, a global multi-stage investment firm. The investment firm has shown “strong commitment” to support start-ups in Jordan, according to Mohamed al Muhtaseb, CEO of ISSF.

“Through this strategic investment, our objective is not just to infuse vital equity capital but also to effectively open doors for Jordanian start-ups, providing them with accelerated access to global markets through the expertise of a key international player in the venture space,” Muhtaseb said.

Founded in 2017 with a $50 million financing from the World Bank and an additional $48 million from the Central Bank of Jordan, the ISSF seeks to support Jordanian businesses. The fund was established following the recommendation of the Jordanian Economic Policy Council.

(Writing by Cleofe Maceda; editing by Seban Scaria)