Arab Finance: Egypt is planning to turn Cairo International Financial Center into the main financial hub for venture capitals (VCs) in the Middle East and North Africa (MENA) region, CEO of the General Authority for Investment and Free Zones (GAFI) Hossam Heiba revealed.

The center will include representatives of major investment funds and branches of global banks to provide the necessary financing for projects carried out by private companies and startups as well as infrastructure projects in Egypt and MENA, Heiba said.

This came on the sidelines of the Egypt VC Summit, organized by the Egyptian Private Equity And Venture Capital Association and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ).

The Egyptian government has launched a venture capital, in partnership with the World Bank, at a value of $50 million in 2023, Heiba noted.

Moreover, he added that an online platform will be launched soon to support entrepreneurship activities.

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