Egypt’s Tanmiya Capital Ventures II has reached a final close of $130 million, with participation from Egypt’s Micro, Small and Medium Enterprise Development Agency (MSMEDA) and four international development finance institutions.
The fund will target promising Egyptian companies and aims to expand access to financing while strengthening the country’s venture capital ecosystem, according to the announcement.
Its institutional partners include the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC), and the Egyptian-American Enterprise Fund.
MSMEDA’s participation comes through its Venture Capital Program and Fund of Funds program. The agency said these initiatives are designed to attract private and international investment, support investment managers operating in Egypt, and broaden financing options for startups and micro, small and medium-sized enterprises.
The fund’s stated objectives include providing companies with capital and specialized expertise to support expansion and job creation. Its final close brings together MSMEDA and the four international institutions behind the initiative.
The development adds to efforts to build a more diversified and sustainable market for startup financing in Egypt, while increasing the availability of long-term funding for companies with growth potential.
Source: Waya
