WNR: Here’s what happened in MENA this week

WNR: Here’s what happened in MENA this week

Egypt’s NWFE initiative receives more than $250 million from the US and Germany. The energy pillar of NWFE has secured more than $250 million from the United States of America and Germany. The US alongside the European Union and Germany also allocated a $500 million package to finance and facilitate Egypt’s transition to clean energy.

EBRD to support six Egyptian “Smart Green Governorates” startups. The Smart Green Governorates is a Planning and Economic Development Ministry initiative aiming to showcase Egyptian green projects during COP27 and help them attract global investments. The six startups are Rabbit Mobility, Noornation, Engazat, Banlastic, Kadet el Mostakbal, and Archtech.

IFC launches a $225m platform to strengthen VC ecosystems in Africa and the Middle East, Central Asia, and Pakistan, and invest in early-stage companies addressing development challenges through technological innovations in climate, health care, education, agriculture, e-commerce, and other sectors.

UAE’s FinTech startup baraka raises $20m in a Series A round led by Valar Ventures. This marks the first regional investment for Valar, a venture capital firm backed by global entrepreneur, Peter Thiel.  

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