UNDP to Establish New Investment Fund in Egypt

Thursday, 22nd June 2017

Egypt and the United Nation Development Program (UNDP) sign an agreement to establish a new UNDP investment fund in the country, Invest-Gate reports.
The Ministry of Investment and International Cooperation has signed the agreement with UNDP to establish Egypt’s first Development Investment Support Fund with a target capital of USD 50 mn, according to a ministry’s statement.
The fund will be jointly funded through the newly-established Egypt Entrepreneurship Company and the UNDP, Minister of Investment and International Cooperation Sahar Nasr says in a statement.
Nasr explains that the first task of the investment fund will be establishing a startup incubator, supporting developmental projects, and encouraging investments that contribute to decreasing the poverty rate, creating jobs, and increasing investments in renewable energy.
The UNDP will provide advisory services for the startup incubator, and offer special technical assistance, including promotional offers, training, and the organization of conferences, according to the statement.
Nasr states that startups will be motivated through the creation of market incentives that allow competition, support small investors, provide technical training to investors, and link them to the external market.

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