The European Investment Bank, through its new dedicated development finance arm EIB Global, will provide $27 million participation in the $150 million Middle East Venture Fund 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.
“The European Investment Bank has a unique global experience of ensuring that entrepreneurs and growth companies access finance. We welcome EIB Global’s $27 million anchor investment in the $150 million Middle East Venture Fund 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.
“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. EIB Global is pleased to be the first anchor investor in the Middle East Venture Fund 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 and deliver thousands of high-skilled jobs across the region,” said Gelsomina Vigliotti, Vice President of the European Investment Bank.
“The European Union is committed to private sector development in Egypt and across the region. This new cooperation between EIB Global and Middle East Venture Partners will accelerate skilled job creation and increase the role of technology driven business in the years ahead,” said Ambassador Christian Berger, Head of the European Union Delegation to Egypt.