Egypt’s MSMEDA invests $2m to fuel startup expansion in Africa

The Micro, Small and Medium Enterprise Development Agency (MSMEDA) has invested $2 million in Pamoja Ventures P1 to boost the regional expansion of Egyptian startups into African markets.

The investment, formalised through a signed agreement, reflects MSMEDA’s commitment to fostering entrepreneurship. CEO Bassel Rahmi emphasised the funding will support promising startups across various sectors, prioritizing those with global competitiveness, particularly in Africa.

This collaboration aligns with MSMEDA’s existing investment programme, launched with the World Bank under the Entrepreneurship Support Agreement. Moreover, the programme, Egypt’s first to finance investment funds (FoFs), supports early-stage Egyptian startups, aligning with Egypt’s Vision 2030 for a diversified economy.

MSMEDA is expanding its engagement with various investment funds to create a supportive environment for entrepreneurs, encouraging new ventures and prioritizing innovative, export-oriented projects, in line with government policy.

Hani Emad, Head of Venture Capital at MSMEDA, explained a key objective is integrating Egyptian and African startups, viewing Africa as a natural expansion market. MSMEDA’s venture capital programme invests in fund managers supporting this regional growth, while also facilitating African startups’ entry into the Egyptian market.

Attribution: Amwal Al Ghad English

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