In a significant move to strengthen Egypt’s entrepreneurial landscape, two strategic Memorandums of Understanding (MoUs) were signed between the European Bank for Reconstruction and Development (EBRD), the Misr El Kheir Foundation, and the Cairo-based accelerator Falak Startups. The agreements, which aim to provide enhanced support for startups and innovators, were signed on the sidelines of the Africa 2018 Forum.
The signing ceremony was witnessed by Dr. Sahar Nasr, Egypt’s Minister of Investment and International Cooperation, and Ambassador Ivan Surkoš, Head of the European Union Delegation to Egypt. The MoUs were formally signed by Sir Suma Chakrabarti, President of the EBRD; Mohamed Abdel Rahman, Deputy Managing Director of the Misr El Kheir Foundation; and Youssef ElSammaa, CEO of Falak Startups.
Strategic Support for Accelerators and Incubators
The core of the agreements focuses on providing targeted support to two key players in Egypt’s startup ecosystem. The EBRD will offer direct technical assistance and strategic consulting to Falak Startups, an accelerator operating under the Ministry of Investment’s “Fekretak Sherketak” initiative.
Simultaneously, the partnership will bolster “Gesr,” the technology incubator managed by the Scientific Research and Innovation sector of the Misr El Kheir Foundation. The EBRD is set to leverage its extensive regional and international network to provide expert guidance and specialized human resources to the incubator.
EBRD’s Role in Empowering Startups
Under this collaboration, the EBRD’s Business Projects program will be instrumental in nurturing the startups housed within the Gesr incubator. The support is designed to be comprehensive, including program design, capacity building, and the development of advanced training content.
Furthermore, the EBRD will facilitate crucial connections between the Egyptian startups and a network of regional and international consultants, mentors, and venture capital firms. This initiative is structured to help emerging companies secure investment, refine their business models, and prepare for global expansion.
About Falak Startups
Falak Startups is a leading startup accelerator in Egypt that aims to find and empower talented and ambitious early-stage startup founders in the MENA region. Through its sector-agnostic acceleration programs, Falak provides funding, mentorship, and a wide range of perks and benefits to help startups build and scale their disruptive businesses.
Source: Al Mal News
