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BII reaffirms climate partnership with Egypt, reveals ambition to invest $100m in Egyptian startups

7th September 2022

By: Creamer Media Reporter

     

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UK development finance institution (DFI) British International Investment (BII) has announced plans to invest $100-million in Egyptian startups over its current strategy period.

The DFI, which was formerly known as CDC Group, also reaffirmed its commitment to strengthen its partnership with Egypt and increase climate finance to support the country’s green growth.

"Egypt is one of BII’s priority markets, given the growth potential this country has to offer. BII’s investment deals, whether in financial services, health or clean energy, illustrate the strength of the UK–Egypt trade and green partnership. I wish the UK’s DFI every success, as it supports Egypt’s green transformation ahead of COP27 in November," says British Ambassador to Egypt Gareth Bayley.

As part of BII’s ambition to bolster Egyptian venture capital (VC), the DFI announced new commitments to two local VC firms Algebra Ventures and Endure Capital.

Algebra and Endure support and partner with early-stage businesses to build transformative companies across sectors such as fintech, agritech, edtech, logistics and healthcare.

The capital will support Algebra’s second fund following the success of Fund I, which included market-leading companies such as Khazna, Mozare3 and Shift EV.

BII also anchors Endure’s most recent fund Endure21, which has backed high-impact companies such as Brimore, Pylon and Cassbana.

 

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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