- The Middle East Venture Fund IV builds on 12 years of high impact investing.
- This new fund will enable high-growth local businesses to expand opportunities in e-commerce, education technology and healthcare, highlighted by the COVID-19 pandemic.
- The EIB confirms a benchmark investment of USD 27 million – the largest it has granted in this region of the world – to strengthen economic resilience and build skills in Egypt, Lebanon, Jordan and Pakistan.
The European Investment Bank, through its new development finance arm, EIB World, will contribute USD 27 million to the USD 150 million Middle East Venture Fund IV. This new venture capital fund launched by Middle East Venture Partners (MEVP) will help increase targeted equity investments in high-growth companies in the e-commerce, healthcare and education sectors in the Middle East and in Pakistan.
“The European Investment Bank has unique global experience in ensuring entrepreneurs and growing businesses have access to finance. We welcome EIB World’s USD 27m landmark investment in the USD 150m Middle East Venture Fund IV. It will enable growth-stage businesses in the Middle East to expand, tap into new business niches and create thousands of skilled jobs,” said Walid Hanna, Founder and Co-CEO of MEVP.
“The European Investment Bank recognizes the unique role of venture capital and works with leading venture capital partners to mobilize targeted, high-impact investments that drive economic growth and ensure entrepreneurs have the best practice in for growth and innovation. BEI Monde is pleased to be the first anchor investor in the Middle East Venture Fund IV. The new equity resources made available through this fund will enable local businesses to grow, take advantage of new opportunities in the digital commerce, education and healthcare sectors highlighted by the COVID-19 pandemic and create thousands of highly skilled jobs in the region,” said EIB Vice-President Gelsomina Vigliotti.
“The European Union is determined to support the development of the private sector in Egypt and throughout this region of the globe. This new cooperation between BEI Monde and Middle East Venture Partners will accelerate the creation of skilled jobs and increase the role of technology companies in the years to come,” said Ambassador Christian Berger, head of the delegation of the European Union in Egypt.
The European Investment Bank’s USD 27 million in support of the USD 150 million Middle East Venture Fund IV represents the largest venture capital commitment ever made by the EIB in Middle East.
