Luxembourg, February 14: The European Investment Bank (EIB), through its new dedicated development finance arm EIB Global, will provide US$27 million participation in the US$150 million Middle East Venture Fund IV (MEVF IV).
The new venture capital fund launched by Middle East Venture Partners (MEVP) will increase targeted equity investment in high-growth e-commerce, health and education technology companies across the Middle East and Pakistan.
"We welcome EIB Global's US$27 million anchor investment in the US$150 million MEVF IV that will ensure that growth companies across the Middle East can grow, harness new business opportunities and create thousands of skilled jobs." said Walid Hanna, Founder and co-CEO of MEVP.
For his part, GelsominaVigliotti, Vice President of EIB said, "The European Investment Bank recognises the unique role of venture capital and works with leading venture capital partners to unlock high-impact targeted investment that boosts economic growth and ensures that entrepreneurs benefit from growth and innovation best practice.
He added, "EIB Global is pleased to be the first anchor investor in the MEVF IV. New equity investment backed by the fund will enable local companies to grow, build on new opportunities for digital commerce, education and healthcare services highlighted by the COVID-19 pandemic"
Venture capital investment backed by the new fund will enable local companies across the Middle East and Pakistan to harness digital business opportunities unlocked by the pandemic and is expected to support creation of more than 8,000 jobs.
Ambassador Christian Berger, Head of the European Union Delegation to Egypt, stated, "The European Union is committed to private sector development in Egypt and across the region. This new cooperation between EIB Global and MEVP will increase the role of technology driven business in the years ahead."
Local innovation companies will benefit 12 years of successful technical and sector investment and hands-on guidance shared by MEVP and the new initiative will scale up long-term investment in early and growth stage companies across the region.
Over the last 12 years, Middle East Venture Partners has successfully backed more than 60 technology start-up companies across the Middle East.
Source: Emirates News Agency
