The agreement was signed on June 22, 2020 and mainly targets youth and women.
Algebra Ventures will aim to complete the first closure in the third quarter of 2021.
The fund also aims at the entry of new investors, in addition to increasing the solvency and financial capacity of current investors.
Gamea clarified in a statement, Sunday, that these projects provided 195,000 job opportunities.
"Economic diplomacy" is aimed at bridging funding gaps in vital projects in Egypt, Minister Mashat highlighted.
The ministry noted that this fund came as an Egyptian partnership with several financing institutions (the Saudi Fund for Development, the Kuwaiti Fund for Arab Economic Development, the Arab Fund for Economic and Social Development).
The Long Live Egypt fund officially achieved a Guinness record title for launching the largest humanitarian convoy to support one million families at the New Administrative Capital.
President Abdel Fatah al-Sisi met on Sunday with his Advisor for Financial Affairs and Chairman of Tahya Misr Fund.
The Cabinet ratified on Wednesday the initiative of the Arab Fund for Economic and Social Development (AFESD) to push back the due dates of loan installments and interests.
A 15-member board of directors has been formed for a fund supporting people with disabilities, according to the Wednesday issue of the National Gazette.
The government will move mid-2021.
Ma’it said that the fund will be launched with a capital of LE 2 billion, and it will have multiple goals.
The fund-to-be aims to increase consumer capabilities among citizens, he said during the inauguration of a number of national projects earlier today.
Minister of International Cooperation announced Wednesday the approval of the World Bank's Board of Executive Directors to provide Egypt with $400 million.
This is part of the emergency response project to address coronavirus pandemic; to support the Egyptian government’s efforts to implement the universal health insurance system.
The Cabinet submitted to the House of Representatives a draft bill on the establishment of the Endowments Fund.
Business tycoon Samih Sawiris has praised the draft law on merging the funds for the sectors of tourism and antiquities, saying it would support the financial resources of the merged fund.
The banks should be encouraged to be part of an initiative offering loans of 8 percent diminishing balance interest rate to private investors in certain sectors.
The Addiction Treatment & Abuse Fund led by Minister of Social Solidarity Nevine al-Kabbaj applies six measures to support addiction recoverees and reduce relapse amid coronavirus pandemic.
These countries are most vulnerable to debt and come under the IMF’s revised Catastrophe Containment and Relief Trust. The IMF’s relief package is a response to help poor countries on the back of the Covid-19 pandemic.