In their year-end report, the Ministry of International Cooperation revealed their 2021 efforts in supporting support entrepreneurship, innovation and startups through Egypt Ventures
State-owned Egypt Ventures disbursed around EGP 92 million in 2021 to local startups through direct and indirect investments, revealed a recent Ministry of International Cooperation report.
In their year-end report, the Ministry of International Cooperation (MoIC) revealed their 2021 efforts in supporting support entrepreneurship, innovation and startups through the Egypt Entrepreneurship and Investment Company (Egypt Ventures).
Egypt Ventures was launched as the first venture capital company empowered to disburse funding through government investments, as well as through international partnerships and programs implemented by multilateral and bilateral development partners.
Egypt Ventures distributed EGP 75 million in direct investments to startups, EGP 17 million in indirect investments in incubators and accelerators.
Since its establishment in 2017, the venture capital company has disbursed total investments of EGP 334 million; EGP 184 million in direct investments and EGP 150 million in indirect investments to over 175 companies and business accelerators.
According to MoIC’s statement, 60 startups have graduated from affiliated business incubators, Falak Startups and EFG-EV FinTech in 2021.
In June 2021, over 400 representatives from the local entrepreneurship community as well as multilateral development partners participated in the newly launched Generation Next Forum, a joint effort by Egypt Ventures and MoIC.
The event highlighted the government’s commitment in enhancing the entrepreneurial environment and investing in emerging companies through Egypt Ventures, which aims to stimulate the development of the entrepreneurial environment and boost the country’s competitiveness, which directly correlates to GDP growth, the MoIC statement noted.
The ongoing portfolio of the Ministry of International Cooperation includes 36 projects in innovation, digitization and entrepreneurship, which contribute to achieving 11 sustainable development goals, with a total development funding of $1 billion, representing 3.8% of the ministry’s development financing portfolio.
