Egypt's Micro, Small, and Medium Enterprise Development Agency (MSMEDA) is strengthening the country's entrepreneurship ecosystem through a venture capital programme backed by the World Bank and the Italian Agency for Development Cooperation (AICS). The initiative marks Egypt's first-ever Funds of Funds (FoFs) investment programme, designed to finance venture capital funds and drive startup growth and innovation. MSMEDA CEO Basel Rahmi revealed that the agency has invested $35 million across 11 investment funds, with an additional $14 million allocated for new funds. The programme has already generated 30,000 job opportunities, with 34 per cent of the positions filled by women. To further enhance investment readiness, MSMEDA, in partnership with the World Bank Group and with support from the AICS, has conducted specialised training workshops for fund managers and investors. These sessions focused on venture capital best practices, including team selection and exit strategies in dynamic markets. Rahmi described the initiative as a pivotal step in strengthening Egypt's venture capital landscape, reinforcing MSMEDA's commitment to empowering startups and expanding access to funding. Attribution: Amwal Al Ghad English Subediting: Y.Yasser
