Minister of International Cooperation H.E. Dr. Rania A. Al-Mashat and the President of the European Bank for Reconstruction and Development (EBRD) Odile Renaud-Basso, inspected Thursday Falak Startups, a startup business accelerator launched by Egypt Ventures.
Falak Startups, which is founded by the Ministry of International Cooperation’s development partnerships, aims to support startups in the technology sector and to advance the entrepreneurial scene in Egypt and the region.
The visit took place in the presence of Ahmed Gomaa, Chairman and CEO of EV, Yousef ElSammaa, Managing Director of Falak Startups, Managing Director of EFG EV Mahmoud El-Zohairy, Khaled Aboshady Founder & CEO of Teradix the leading e-Procurement software for businesses in the Middle East and Africa, and Managing Director of Youspital Mohamed Abdel Aziz.
The visit to Falak Startups comes as part of Renaud-Basso’s itinerary in Egypt, which is considered her first visit to the region since her election in October 2020.
H.E. Al-Mashat affirmed Egypt’s commitment towards enhancing innovation and entrepreneurship to support startups, which are key for disseminating innovation to achieve sustainable development and to push for the national development agenda.
She pointed out that Falak Startups is a unique model for business accelerators aimed at supporting startups and enabling them to expand their business strategies and promote investments.
Al-Mashat explained that the Ministry of International Cooperation is seeking, through international partnerships, to support innovation and entrepreneurship initiatives, achieving the UN SDGs.
Within the portfolio of the Ministry, there are 34 projects in innovation, digitalization, and entrepreneurship contributing to 13 SDGs.
She emphasized the necessity of encouraging the development of the Fintech entrepreneurial force in Egypt to replicate their technological advancement in the public sector pushing towards economic growth.
She added that the government aims to turn Egypt into the region’s entrepreneurial hub by providing various support systems for emerging companies and entrepreneurs and stimulating investment in innovation.
The Minister further elaborated that the government's interest in supporting digitization, entrepreneurship, and innovation is in line with the third pillar of the EBRD’s new strategy (2021-2025), accelerating the digital transition.
This aims to open new horizons of partnerships and areas of cooperation between Egypt and the EBRD.
During the visit, the Minister and EBRD’s President listened to the presentation of Ahmed Gomaa, Chairman and CEO of EV.
Egypt Ventures was established in 2017, in partnership with the Government of Egypt and the Saudi Fund for Development (SFD).
It aims to develop a sustainable-led entrepreneurial ecosystem, that is aligned with the global standards of Environmental, Social, and Governance (ESG) principles.
EV invests in startups, incubators, and accelerators across various sectors, which is an opportunity for entrepreneurs aiming to grow their own businesses. It also provides innovators with an opportunity to implement their ideas.
Since its establishment in 2017, EV has invested EGP 306.2 million in over 150 startups; of which EGP 139.9 million are direct investments and EGP 166.3 million are indirect investments.
Falak Startups works through a 6-month accelerator program and provides entrepreneurs with a network of business relations, resources, and all the necessary tools needed to develop and expand their business strategy.
Falak Startups’ support program encompasses technical workshops on securing property rights and achieving growth rates, as well as providing skills development programs.
The incubator provides financial support through development financing worth EGP 100 million to startups, to enable new businesses to attain high growth rates.
Yousef ElSammaa, Managing Director of Falak Startups, explained that Falak Startups has invested in more than 72 companies, financing different companies with at least EGP 1 million across all sectors such as technology, education, healthcare, trade and industry, e-business, and agriculture.
On his part, Mahmoud El-Zohairy, Managing Director of EFG EV, gave a presentation about the company explaining that it was established in partnership between EV and EFG-Hermes as a pioneering investment company focused on Fintech.
EFG EV Fintech provides startups with workspaces, legal and accounting services, and customized training and mentorship programs.
Zohairy pointed out that the company's portfolio has increased within the past three years. It invested in more than 22 companies across various specializations in Fintech, to own one of the largest development portfolios focused on Fintech in Egypt.
The portfolio encompasses 13 companies that were incubated and provided with technical and financial support and 9 companies that received direct investments.
Renaud-Basso visits Cairo on April 21 and 22, in her first visit to the region since her election in October 2020. Choosing to visit Cairo on her first visit to the region comes within the framework of the strategic cooperation between Egypt and the EBRD.
In 2020, Egypt was the top destination for the bank’s investment in the Southern and Eastern Mediterranean (SEMED) Countries, and in 2018/2019, Egypt was the largest country of operations across all regions.
During the visit, the President of the EBRD holds high-level meetings with officials, in addition to a session of bilateral talks with Al-Mashat.
Renaud-Basso will also meet with Egypt’s Minister of Electricity and Renewable Energy, Minister of Housing, Utilities & Urban Communities, Minister of Local Development, officials, and representatives of private-sector institutions.
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