Nevine Gamea, Minister of Trade and Industry and Executive Director of the Micro, Small and Medium Enterprise Development Agency (MSMEDA), stressed the state’s interest in supporting young innovators and providing technical and financial support to help them transform their ideas into projects that meet the various needs of people.
MSMEDA cooperated with the World Bank to launch the venture capital program with funding of $50m to finance new and existing investment funds that support entrepreneurship projects, and implement specialized training programs for employees working in various financial institutions to raise awareness of the mechanisms of this type of funding and help them expand their application.
The minister added that MSMEDA is keen on reviewing and developing its financial services on an ongoing basis to meet the needs of various types of projects, especially those that rely on technology and modern applications and have witnessed rapid growth after the spread of the COVID.
Gamea added that the most prominent feature of the venture capital program is that it allows investment in funds that wish to expand in the African market.
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