Technology Development Fund (TDF) said it plans to launch a number of fresh investments mid-January in the communications and information technology (CIT) sector. Ziad Mokhtar, Technology Development Fund Manager, stated that to the date, the fund has invested less than the TDF's total value worth EGP 240 million, according to the fund's second round closing in 2008. Accordingly, Mokhtar expected that the TDF will manage to complete its planned investments so as to reach EGP 240 million within the first quarter of 2013. The TDF manager stressed that current period is witnessing an encouragement for young entrepreneurs to develop their ideas in the technology sector. The Fund, managed by EFG-Hermes Private Equity, owned by financial group EFG-Hermes, provides the chosen companies with venture capital financing, strategic support services - including strategic and financial planning, partner identification, management consulting and legal counseling - as well as incubation facilities in Egypt's Smart Village. Established by EFG-Hermes Private Equity and Telecom Egypt, Ideavelopers acts as the Fund management advisor, assisting in assessing investment opportunities and portfolio management and providing strategic and consulting services to the companies. It is worth noting that CI Capital, Egyptian Post, Telecom Egypt (TE), Faisal Islamic Bank, Banque Misr, Misr Iran Bank for Development, Misr Insurance and Export Development Bank of Egypt (EDBE) contribute to the Technology Development Fund.
