Sawari Ventures North Africa 1 Fund Declared At Africa ForumSource: www.export-egypt.com 12/10/2018, Location: Africa |
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The establishment of a new fund, "Sawari Ventures North Africa 1" was declared on Sunday 9/12/2018 on the sidelines of the Africa 2018 Forum held under the auspices of President Abdel Fattah el Sisi.
The European Investment Bank, Sawari Ventures Chairman Ahmed el Alfi and representatives from the British Business Bank, the Dutch Development Bank and the French Development Agency signed the agreement establishing the fund for investment for small and medium enterprises. Sawari Ventures North Africa 1 Fund will have a capital of 35 million dollars, and invest in small and medium fast growing companies in financial technologies, renewable energy, advanced health care, education and internet services. Alfi said his company, Sawari Ventures, will also sign another agreement to establish "Sawari Ventures Egypt 1" with the banks of Al Ahli, National Bank of Egypt and Cairo and the Information Technology Industry Development Agency. Once established, the capital of the two funds combined, the Sawari Ventures and the Sawari Ventures Egypt 1 will reach one billion EGP, he said. Sawari Ventures is an international venture capital firm that invests in people turning visionary ideas into market-leading companies in the Middle East and North Africa (MENA). It believes in the transformative power of entrepreneurial thinking, innovation, and the capacity of technology to facilitate, enhance and even create new ways of doing business. Its goal is to identify, serve, and provide capital for extraordinary entrepreneurs who are determined to change the MENA region. Sawari Ventures is one of the oldest VC firms of Egypt that is also behind Flat6Labs accelerator. It was founded in 2009. |
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