Rahmy highlighted that the partnership between MSMEDA and Foundation Ventures aims to provide much-needed financing for promising Egyptian startups across various sectors.
The Micro, Small, and Medium Enterprises Development Agency (MSMEDA), signed a contract to invest $3 million in the Foundation Ventures Fund. The ceremony was attended by Basil Rahmy, Hany Emad, Head of MSMEDA’s Central Venture Capital Sector, and Mazen Nadim, Principal Partner at Foundation Ventures
Rahmy highlighted that the partnership between MSMEDA and Foundation Ventures aims to provide much-needed financing for promising Egyptian startups across various sectors.
This initiative is designed to foster innovation, enhance competitiveness in the Egyptian economy, and is part of MSMEDA’s successful investment program launched in collaboration with the World Bank.
Rahmy emphasized the agency’s commitment to fostering Egypt’s entrepreneurial ecosystem and supporting startups. He stated that MSMEDA provides a wide range of essential services to help startups launch, stabilize, and grow.
The program, introduced under the Entrepreneurship Support Agreement for Job Creation, is Egypt’s first Fund of Funds initiative, contributing to the capital of local, regional, and international investment funds that support early-stage Egyptian startups. This aligns with Egypt’s Vision 2030 for a diverse and competitive economy.
Rahmy emphasized that this investment enables startups to achieve their aspirations and expand their businesses by providing the necessary capital to develop their products and services, enhance competitiveness in local and regional markets, and create new job opportunities, driving economic growth in Egypt.
He reaffirmed MSMEDA’s full commitment to supporting Egyptian entrepreneurs by fostering a conducive environment for their ventures to thrive. This includes ongoing collaboration with international partners and investment funds to meet the needs of small, medium, and startup businesses.
