Egypt is a country brimming with innovative technology start-ups. But too often, these firms can’t access the capital and advice they need to thrive.
IFC is working to change that by investing in a slew of venture capital companies and up-and-coming technology firms. In December 2016 alone, IFC pledged more than $10 million to a start-up accelerator based in Cairo, Flat6Labs, and a venture capital fund, Algebra Ventures.
Those investments are helping bring big ideas to life and creating stable, well-paying jobs. That is key in a country where young people face sky-high unemployment and are hungry for opportunities.
Flat6Labs’ support was especially helpful in launching Nour El-Assal’s bio-fuels firm, Tagaddod. “Before Flat6 Labs, we were just a team with an idea,” he recalls. “But after we joined, we had the right resources to make it happen.”
In the last two years, IFC has provided close to $50 million in funding to technology companies and start-ups in the Middle East and North Africa.