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100 Promising African Startups to Receive Investment from MIIC and IFC

TechInAfrica – The Egyptian Ministry of Investment and International Cooperation (MIIC) and the International Finance Corporation (IFC) have set a joint program called The Next 100 African Start-ups Initiative. The program aims to invest in 100 of African promising start-ups and connect them with business leaders, financial institutions, global investors, and policymakers at the upcoming event named the Africa 2018 Forum that will be hosted in December.

Sahar Nasr
Sahar Nasr via

The Minister of Investment and International Cooperation (MIIC), Sahar Nasr explained about the initiative program comes from the devotion to help African startups to grow.

“This initiative is a reflection of our faith in the bright young minds of our continent, and our commitment to ensuring that entrepreneurs are equipped with the tools they need, including finance, advice, and networks, that would enable them to innovate and grow. Through nurturing the entrepreneurship ecosystem, we believe we can unlock the potential of African youth to become more globally competitive and to more actively contribute to the development of their communities.” Said Nasr.

Egypt is working on becoming the leading hub for entrepreneurs in the region by focusing on high potential innovation and growth. In order to level up Egypt’s ecosystem of entrepreneurship, MIIC and the Ministry of Communications and Information Technology launched Fekretak Sherketak in 2017. It is a platform that offers key tools such as funding, mentorship, and training for entrepreneurs. Furthermore, MIIC partnered with private sectors and international financial institutions to establish leading venture firms and accelerators like Egypt Ventures, Falak Start-ups, and EFG-EV Fintech.

“Supporting entrepreneurs is one of the best ways to drive innovation and create jobs in Africa. That’s what this forum will help do,” stated Sérgio Pimenta, the IFC Vice President for the Middle East and Africa.

For over two years, IFC has funded approximately $65 million to tech companies and start-ups in both the Middle East and North Africa. At the same time, IFC also has worked with leading accelerators and venture funds including Wamda, Flat6Labs, and Algebra Ventures.

The Initiative forum will take place in Sharm El-Sheikh with the back-up of Abdel Fattah Al Sisi, the President of Egypt. The initiative program is a part of IFC’s campaigns to empower entrepreneurship both in the Middle East and Africa by giving access to start-ups to receive funding, advisory, and access into new markets.

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Written by Rinchi

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