EIB provides $150mln Middle East venture capital initiative

The European Investment Bank (EIB) Global has announced on Monday that it will provide $27 million participation in the $150 million Middle East Venture Fund IV (MEVF IV) to accelerate digital transformation.

The new venture capital fund aims to increase targeted equity investment in high-growth e-commerce, health, and education technology companies across the Middle East and Pakistan.

The new fund will enable local companies across the Middle East and Pakistan to harness digital business opportunities unlocked by the COVID-19 pandemic and is expected to support creation of more than 8,000 skilled jobs.

EIB’s Global has finalised a $27 million anchor investment in the Middle East and Pakistan LP vehicle Middle East Venture Fund IV (MEVP IV).

“We welcome EIB’s investment that will ensure that growth companies across the Middle East can grow, harness new business opportunities and create thousands of skilled jobs,” said Walid Hanna, Founder and co-CEO of MEVP.

EIB recognises the unique role of venture capital and works with leading venture capital partners to unlock high-impact targeted investment that boosts economic growth, said its vice president Gelsomina Vigliotti.