The Minister of Investment and International Cooperation, Sahar Nasr, witnessed the signing of a ceremony for a memorandum of understanding (MoU) to establish an investment fund between Enara Capital and Falak start-up accelerator, according to a Sunday statement by Enara Capital.
The new investment fund is specialised in supporting start-ups working in the field of clean technology, noted the statement, adding that the MoU was inked by Chairperson of Enara Capital Sherif El-Gebaly and CEO of Falak Youssef El-Samaa during the Africa 2018 Forum.
It will be responsible for direct and indirect investment in companies working in all fields of clean technology with the aim of accelerating their growth, Nasr said, adding that the new fund targets the funnelling of investments into five different companies working in clean technology chosen on an annual basis, in addition to 60 others not currently in the field.
Launched upon an initiative by the ministry of investment, Falak is a start-up accelerator designed to support and empower the next generation of Egyptian entrepreneurs and contribute towards the development of the start-up ecosystem in Egypt, mentioned the statement.
The programme offers funding, mentorship, training, and a wide variety of services, with the aim of providing entrepreneurs with the necessary tools, resources, and contacts to develop their strategies and expand their businesses, so that they may thrive in today’s competitive economy.