Nasr inks LE 10M deal with Flat6Labs, entrepreneurship firm

CAIRO – 11 July 2017: Minister of Investment Sahar Nasr signed an agreement on Tuesday with Flat6Labs and Egypt Entrepreneurship and Investment Company to invest LE 10 million ($559,070) in emerging companies.

The minister highlighted that the deal aims to encourage the private-sector investments in Egypt through encouraging the innovation and supporting entrepreneurs, which targets empowering youth and creating job offers for the Egyptian youth in all the state’s governorates.

Nasr noted that the signed agreement is with the cooperation of the International Finance Corporation, which finances Flat6Labs by up to $2 million to be invested in 100 startups in the next five years.

The capital of Egypt Entrepreneurship and Investment Company amounts to LE 451 million, the firm’s CEO Shehab Marzban, adding that there are negotiations regarding raising it to reach LE 1 billion.

Marzban noted that the company focuses on promoting investments and connections with the emerging high-growth companies in Egypt and providing the needed finance to contribute to the firms’ capitals.

Saudi Arabia is participating in the project through its contribution in the Egypt Entrepreneurship and Investment Company’s capital, the firm’s board member, Hassan Al-Attas, said.