CAIRO – 25 December 2024: The Micro, Small, and Medium Enterprises Development Agency (MSMEDA) announced a $3 million investment in the Foundation Ventures Fund during a formal signing ceremony. The event was attended by Basil Rahmy, CEO of MSMEDA, Hany Emad, Head of MSMEDA’s Central Venture Capital Sector, and Mazen Nadim, Principal Partner at Foundation Ventures.
This partnership aims to provide essential funding to promising Egyptian startups across various sectors. Basil Rahmy highlighted the initiative’s role in driving innovation and enhancing the competitiveness of Egypt’s economy.
As part of MSMEDA’s successful investment program, launched in collaboration with the World Bank, this initiative aligns with the goals of Egypt’s Vision 2030 for economic diversification and growth.
The program is Egypt’s first Fund of Funds initiative, channeling investments into local, regional, and international funds that support early-stage startups.
Rahmy emphasized MSMEDA’s dedication to fostering a vibrant entrepreneurial ecosystem by offering startups the resources they need to launch, stabilize, and expand.
He further explained that this investment will empower startups to achieve their goals, develop innovative products, and improve their competitive edge in local and regional markets.
The initiative also aims to create job opportunities and contribute to Egypt’s economic growth.
Rahmy reaffirmed MSMEDA’s commitment to supporting entrepreneurs by creating a supportive environment and collaborating with international partners and investment funds.
This strategic approach ensures that the needs of small, medium, and startup businesses are met, enabling them to thrive and contribute to Egypt’s sustainable economic development.
Be Social
Comments
Leave a Comment