EIB could invest EUR 50 mn a year in Egypt-focused VC, PE firms

More EIB money for VC, PE outfits: The European Investment Bank (EIB) will invest EUR 50 mn every year into Egypt-focused private equity and venture capital firms, the lender’s Vice President Gelsomina Vigliotti told Ahram Online.

Sawari Ventures could be one of the recipients: EIB is doing due diligence on a possible investment in Sawari Ventures’ next fund, Vigliotti said.Local media reported earlier this month that the VC is in talks with investors to launch a USD 200 mn tech fund. The EIB was one of the biggest investors in Sawari’s first fund that deployed USD 70 mn into 20 Egyptian companies, including fintech startup Money Fellows, which attended a meeting alongside Sawari with Vigliotti last week.

The EIB is no stranger to PE + VC in Egypt:Ezdehar, Silicon Badia, and Lorax CapitalPartners are among the firms that have received backing from the multilateral lender. It recently signed off on a EUR 15 mn contribution to Mediterrania Capital Partners’ new fund, which will invest in mid-cap companies in Egypt, Morocco and Tunisia.