MSMEDA announces $3M investment to back local startups in partnership with Foundation Ventures

Updated 12/25/2024 2:15:00 PM
MSMEDA announces $3M investment to back local startups in partnership with Foundation Ventures

Arab Finance: The Micro, Small, and Medium Enterprise Development Agency (MSMEDA) has announced a $3 million investment to enhance Egypt's entrepreneurship environment in collaboration with Foundation Ventures Fund, as per a statement.

This initiative aims to support emerging Egyptian startups and foster innovation in line with Egypt's Vision 2030.

MSMEDA's CEO Basil Rahmy highlighted that this partnership seeks to fund promising startups across various sectors, stimulating innovation and enhancing competitiveness in the local and regional markets.

The $3 million investment will provide startups with capital to expand their operations, develop products, and strengthen their market position.

Additionally, it aims to generate employment opportunities and contribute to economic development.

 

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