Coalition of Egyptian Banks to Launch EGP 1 Billion Fund for Tech SMEs
Though details are still scarce, it's been revealed that the fund will be run by global private equity asset management firm, Avanz Capital.
The National Bank of Egypt, Banque Misr, Banque Du Caire and the Suez Canal Bank, are preparing to launch a EGP 1 billion fund to finance SMEs. The fund is set to be managed by Avanz Capital, a US-based private equity asset management firm that invests in emerging markets, with a special focus on Africa.
While few details have been revealed on how the fund will be rolled-out, the announcement comes amidst a wave of interest in tech-enabled SMEs and startups in Egypt, both from local and international investors.
2021 has witnessed investments from abroad in startups such as Koinz, who raised a $4.8 million seed funding, led by Justin Mateen, the founder and former CMO of Tinder, and Peter Orth, co-founder of 4DX Ventures. Meanwhile, SWVL’s recently announced merger and NASDAQ-listing has also shone more light on Egypt’s ecosystem, within the context of the wider African ecosystem.
