MSMEDA Joins Final Close of $130 Million Tanmiya Capital Ventures II

Egypt’s Micro, Small and Medium Enterprise Development Agency has participated in the final close of Tanmiya Capital Ventures II, a $130 million fund established with the European Investment Bank, European Bank for Reconstruction and Development, International Finance Corporation and Egyptian-American Enterprise Fund.

MSMEDA said its participation forms part of its Fund of Funds programme, which is designed to channel more domestic and international private capital into Egyptian startups and small and medium-sized enterprises through private equity and venture capital managers.

The programme also supports emerging fund managers and aims to broaden the range of long-term financing available to companies with strong growth potential.

“Through this program, we collaborate with experienced private equity and venture capital fund managers while also supporting emerging fund managers, with the aim of encouraging greater flows of domestic and international private capital into promising Egyptian companies,” MSMEDA CEO Mostafa Ismail Hassan said.

He added that Tanmiya Capital Ventures II is expected to provide both capital and specialised expertise to companies looking to scale and create jobs.

Ahmed El Gendy, Managing Partner and Fund Manager, said the fund would focus on supporting Egyptian companies while demonstrating the capacity of the private sector to build and expand businesses.