Egypt, UNDP establishes new investment fund for development

CAIRO – 21 June 2017: Egypt signed agreement with the United National Development Programme (UNDP) to establish the first investment fund for social development projects, Minister of Investment Sahar Nasr announced Wednesday.

The fund will be jointly financed by the Ministry-affiliated Misr Company for Entrepreneurship and the UNDP, Nasr said in a statement from the Ministry.

“The first activity of the fund will be launching entrepreneurship incubator to support start-ups, encourage investment in development and renewable energy, create more job opportunities and reduce poverty,” Nasr said.

Offering more services, the fund will provide consultancy, technical assistance, promotion offers, training and events organizing for funded projects.
The fund will also support early-stage investors through entering partnerships with them, Nasr added.

The agreement was attended by head of UNDP Egypt Randa Aboul-Hosn and United Nations Social Impact Fund Chief David Galipeau, in which Nasr is appointed last month as a member in the advisory board.

Commenting on the agreement, Aboul-Hosn said “the investment fund for development is deemed the first-ever in the Middle East and Africa, which makes Egypt a pioneer in the sustainable development and finance sectors,” she said.