The Egyptian Minister of International Cooperation and Investment Sahar Nasr, signed an agreement, with director of the Saudi Fund for Development Hassan Alattas; and CEO and managing director of NI Capital Ashraf Ghazaly, to establish a company to invest in Egyptian start-ups and small businesses with a Saudi grant of EGP 451 million.
The company aims at funding startups and small firms, in addition to investing in business incubators and risk-capital-management funds and companies to support growth and economic development in Egypt.
Minister Nasr expressed her happiness with the signing of the deal, which she said comes in the framework of the strategic relationship between Egypt and Saudi Arabia.
"The Saudi grant will be used to help aspiring investors and emerging projects, asserting the ministry's keenness on offering equal opportunities to all investors and providing them with technical and financial support," the minister stated.
Alattas stressed that this agreement aims to support companies in order to achieve economic development. He expressed his optimism about the fund’s role in providing jobs for young people and assisting youth in implementing their inventions.
Dr. Shehab Marzban, the assistant of the minister, said that the focus will be on increasing investments and networking with high-growth emerging companies in Egypt. He added that he is currently communicating with other Arabic funds to support emerging companies.
For his part, the CEO and managing director of NI Capital Ashraf Ghazaly, said that the company is one of the companies owned by the National Investment Bank and serves as an advisor to the Ministry of Investment and International Cooperation.