Egypt’s MSMEDA invests $3m in Foundation Ventures fund

Egypt’s Micro, Small, and Medium Enterprises Development Agency (MSMEDA) has formalised its $3 million investment in Foundation Ventures fund through signed agreements, the Egyptian Cabinet reported on Wednesday.

This strategic partnership seeks to bolster support for Egyptian start-ups across diverse sectors, driving innovation and enhancing the nation’s economic competitiveness.

Basil Rahmi, CEO of MSMEDA, emphasised the significance of this collaboration, noting its alignment with the agency’s investment programme. This programme, launched in partnership with the World Bank under the Entrepreneurship Support Agreement for Job Creation, aims to foster entrepreneurial growth and job creation.

The initiative is the first of its kind in Egypt, focusing on financing venture capital funds through local, regional, and international investments. These funds target early-stage start-ups, contributing to the realisation of Egypt’s Vision 2030 for a diversified and competitive economy.

Rahmi further highlighted that this investment will enable start-ups to scale their operations, achieve growth objectives, and enhance their market competitiveness. By empowering these businesses, the programme is expected to drive job creation and stimulate economic growth nationwide.

This partnership underscores MSMEDA’s commitment to ensuring that start-ups, as well as small and medium enterprises, receive the necessary resources to succeed in an increasingly competitive market. It also marks a significant step in advancing Egypt’s entrepreneurship ecosystem and fostering the next generation of innovative enterprises.

Attribution: Amwal Al Ghad English

Subediting: M. S. Salama