An agreement to establish “Egypt” company for entrepreneurship with a capital of EGP 451mn was signed on Thursday between Minister of Investment and International Cooperation Sahar Nasr; director of the Saudi Fund for Development Hassan Alattas; and CEO and managing director of NI Capital Ashraf Ghazaly. The company aims at funding startups and small firms, in addition to investing in business incubators and risk-capital-management funds and companies to support growth and economic development in Egypt.
Nasr noted that the agreements come within the framework of the Egyptian-Saudi strategic relationship. She added that this Saudi grant will help small investors and emerging projects, expressing the ministry’s keenness to provide equal opportunities for all senior and junior investors and provide them with the required funds and technical support.
Alattas explained that this agreement aims to support companies in order to achieve economic development. He expressed his optimism about the fund’s role in providing jobs for young people and assisting youth in implementing their inventions.
He added that he is currently communicating with other Arabic funds to support emerging companies.
He explained that “Egypt” company for entrepreneurship and investment will contribute to bridging the funding gap for emerging companies. This will be done through the provision of funding to contribute to the capital of these companies, whether by direct or indirect investment or by venture capital funds, which will help emerging companies grow.