EIB proposes investment in MENA tech fund
The European Investment Bank (EIB) has proposed a €5 million investment in the Middle East Venture Fund IV, a closed-end venture capital fund focusing on start-ups active in the digital and technology sectors in the Middle East and North Africa (MENA) region.
The fund will focus on start-ups with high growth potential and support them in growing from seed stage to series A, series B, with the objective of becoming national and regional champions. Through its investments, the fund is expected to contribute to several Sustainable Development Goals including SDG 5 (Gender Equality), SDG 8 (Decent Work and Economic Growth) and SDG 9 (Industry, Innovation and Infrastructure).
The fund has a target size of €96 million.
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