MSMEDA Receives AVCA Conference in Egypt

Under the auspices of Prime Minister and Chairman of Micro, Small and Medium Enterprise Development Agency (MSMEDA) Dr. Mostafa Madbouly, the 19th version of the Annual conference of African Private Equity and Venture Capital Association (AVCA) and VC Summit 2023 convened, Tuesday, in Cairo in cooperation with MSMEDA as a strategic partner.

Chief Executive Officer (CEO) of MSMEDA Bassel Rahmy has received the Conference guests headed by Minister of Trade and Industry Engineer Ahmed Samir on behalf of the Prime Minister of Egypt, and CEO of AVCA Abi Mustapha-Maduakor together with African policy makers, investors and business leaders.

On the margins of AVCA Conference, CEO of MSMEDA explained MSMEDA is forging partnerships to direct more attention and pool more resources to Africa with a view to unlocking its economic potential, creating an entrepreneurship ecosystem and attracting more investments for start-up companies.

"MSMEDA explores new marketing horizons for Egyptian start-up entrepreneurs and innovators in promising African markets. MSMEDA also shares know-how on MSME and entrepreneurship development with partners in different African countries to replicate successful experiences," Rahmy said.

Rahmy reiterated that the Government of Egypt, through MSMEDA and in partnership with the World Bank, has launched the first Venture Capital Fund of Funds (FoF) Program with the aim of investing in finance directed to start-up businesses. This Program, he added, enables Egyptian investment funds to invest part of their equity in African start-up companies willing to operate in Egypt and encourages Egyptian firms seeking expansion to invest in African countries as well in a step to boost economic integration with the African continent.