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Archive News >> World Bank and SFD Launch Venture Capital Program in Egypt
World Bank and SFD Launch Venture Capital Program in Egypt
28/05/2015
Lead Financial Economist of the World Bank’s Finance and Private Sector Development Department of the Middle East and North Africa Dr. Sahar Nasr and SFD Managing Director Ms. Soha Soliman attended the ceremony of the official launching of the World Bank and SFD venture capital program in Egypt. 
The program, previously announced during Egypt Economic Support Conference organized in Sharm El Sheikh last March, is aimed at familiarizing engaged stakeholders with the SFD venture capital investment policy recently approved by its Board of Directors as a new financing mechanism that will promote innovation among the youth. 
Ms. Soliman said 120 million EGP of the value of "Promoting Innovation for Inclusive Financial Access Project" funded by the World Bank will be allocated for start-ups through providing funds to venture capital companies. 
During the event, Head of the Central Sector for Non-Financial Services Dr. Hatem Zaki and Chief Executing Officer of Technology Innovation Entrepreneurship Center (TIEC) Dr. Hossam Osman signed a memorandum of understanding according to which venture capital finance will be offered to the targeted youth to establish information technology enterprises in Egypt. A package of non-financial services (entrepreneurship development, technology incubators and marketing) will also be provided.



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