EU investment bank to invest $27 mln into UAE-based venture capital firm
The European Union will invest a further $27 million in a UAE-based venture capital firm, aiming to help technology companies across the Middle East and Pakistan harmed by the COVID-19 pandemic.
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The investment by the Luxembourg-based European Investment Bank (EIB) into Middle East Venture Fund IV represents its largest ever venture capital commitment, the EIB said in a press release on Monday.
The money will be used to help companies in Egypt, Lebanon, Jordan and Pakistan, that were affected by the pandemic and “is expected to support creation of more than 8,000 skilled jobs,” according to the EIB.
Walid Hanna, Founder and co-CEO of MEVP said the venture capital fund welcomed the EIB investment “that will ensure companies across the Middle East can grow, harness new business opportunities and create thousands of skilled jobs.”
Over the last 12 years Middle East Venture Partners has successfully backed more than 60 technology start-up companies across the Middle East, including music streaming platform Anghami.
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