Algeria Venture, an Algeria-based accelerator, and the Algeria Investment Fund (AIF) have partnered to launch a VC fund targeting $10 million to support startups.
The partnership aims to provide finance for Algerian startups at all stages from creation, Seed and up to acceleration that could lead to an IPO. The AIF was established in 2021 as a collaboration between the National Bank of Algeria (BNA) and the External Bank of Algeria (BEA).
“The goal of this agreement is to provide financing for all stages of a startup’s life, from creation, seed, and up to acceleration that could lead to its IPO,” said Yacine El-Mahdi Oualid, Minister Delegate to the Prime Minister in charge of the Knowledge Economy and Startups, during the signing ceremony.
The Algeria Venture AIF fund is aimed at helping Algerian startups attain a level of maturity that will allow them to absorb foreign investments.
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