The Minister of Investment and International Cooperation Dr. Sahar Nasr signed an agreement with the Egyptian Saudi Grant Committee represented by Dr. Shehab Marzban, the Minister’s Assistant on the Egyptian side, the Director of the Saudi Fund for Development (SFD) Dr. Hassan Alatas and the CEO and Managing Director of NI Capital Holding Company Mr. Ashraf Ghazaly for the establishment of Egypt Entrepreneurship and Investment Company with a capital of EGP 451 million. The Company objective is to make direct and indirect investments in emerging companies, entrepreneurships and emerging businesses, besides investing in business incubators, venture capital funds and various types of companies in their different phases to support growth and economic development in Egypt.
Dr. Nasr stated that she was pleased to sign the agreement with SFD, noting that this reflected Egyptian Saudi strategic relations. She explained that the Saudi grant would be directed towards assisting small investors and emerging businesses, stressing that MIIC was committed to providing fair opportunities to all investors, whether heavy weight or small ones.
On his part, Dr. Alatas explained that the grant was provided to Egypt to support enterprises, thereby serve economic development, noting his optimism regarding SFD’s provision of job opportunities to youth who wished to put their inventions into action.
Dr. Marzban noted that emphasis would be laid on increasing investments and contacting emerging companies with high growth rates in Egypt. He revealed that other Arab funds were also being contacted to help support emerging companies.
Egypt Entrepreneurship and Investment Company, according to Dr. Marzban, would help overcome the financial gap faced by emerging companies, by providing funds to contribute in the capitals of these companies, whether directly or indirectly through entrepreneurship incubators or venture capital funds, which would help boost the growth of these companies.
Dr. Ghazaly explained that NI Capital was owned by the National Investment Bank, and was an advisor to MIIC and the Investment Director.