The World Bank, as part of a $200-million project that aims to support small businesses and job creation for women and youth in Egypt, will invest $50-million towards building up the country’s early-stage investment network.
In a statement announcing the project last Wednesday (17 April), the World Bank said the initiative aims to increase the supply of seed, early-stage and venture capital going to riskier and innovative start-ups and young small and medium enterprises with high potential for growth and job creation.
The World Bank said it will invest the $50-million in angel funds, accelerators, VC funds and investment firms
To achieve this, the World Bank said it will invest $50-million in privately managed risk capital intermediaries, such as angel funds, accelerators, venture capital (VC) funds, and investment firms.
The World Bank said it will issue a call for proposals with the funds being distributed through what it described as a transparent and competitive selection process. International players, the bank pointed out, are encouraged to apply.
“The aim is to leverage the technical capacity and know-how of the private sector in investing these funds,” said the World Bank.
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Source:: Venture Burn