Egypt inks MoU to support clean technology start-up accelerator
Egypt’s Minister of Investment Sahar Nasr witnessed Saturday the signing ceremony of a memorandum of understanding (MoU) to establish an investment fund specialised in supporting emerging firms working in the field of clean technology.
The MoU, inked on the sidelines of Africa 2018 Forum, was signed by chairman of Enara Capital fund Sherif El-Gebaly and CEO of Falak start-up accelerator Youssef El-Samaa.
Nasr said the investment fund that will emerge from the MoU will be responsible for direct and indirect investment in companies working in all fields of clean technology with the aim of accelerating their growth.
The new fund targets injecting investment into five companies working in the clean energy field in addition to 60 others not presently in the field.
Launched upon an initiative by the Ministry of Investment and International Cooperation, Falak is a start-up accelerator designed to support and empower the next generation of Egyptian entrepreneurs and contribute to the development of the start-up ecosystem in Egypt.
The programme offers funding, mentorship, training, and a wide variety of perks and benefits, with the aim of arming entrepreneurs with the necessary tools, resources, and contacts to develop their strategies and expand their businesses so that they may thrive in today’s competitive economy.