Investment Minister witnesses inking MoU to support clean technology start-up accelerator
Saturday، 08 December 2018 - 04:19 PM
Minister of Investment and International Cooperation Sahar Nasr witnessed on Saturday the inking ceremony of a memorandum of understanding (MoU) to establish an investment fund specialized in supporting emerging companies working in the field of clean technology.
The MoU, inked on the sidelines of Africa 2018 Forum, was signed by chairman of Enara Capital fund Sherif el Gebaly and CEO of Falak start-up accelerator Youssef el Samaa.
Nasr said the investment fund that will emerge from the MoU will be responsible for direct and indirect investments in the companies working in all fields of clean technology with the aim of accelerating their growth.
The new fund targets injecting investments into five companies working in the clean energy field in addition to 60 others not working in the field.
Launched upon an initiative by the Ministry of Investment and International Cooperation, Falak is a start-up accelerator designed to support and empower the next generation of Egyptian entrepreneurs and contribute to the development of the start-up ecosystem in Egypt.
The program offers funding, mentorship, training, and a wide variety of perks and benefits, with the aim of arming entrepreneurs with the necessary tools, resources, and contacts to develop their strategies and expand their businesses so that they may thrive in today’s competitive economy.MENA