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    € 5,325,353.37
    Mediterranean Countries : € 5,325,353.37
    Services : € 5,325,353.37
    Signature date(s)
    19/12/2022 : € 5,325,353.37

    Summary sheet

    Release date
    12 August 2022
    Signed | 19/12/2022
    Project name
    Promoter - financial intermediary
    Proposed EIB finance (Approximate amount)
    Total cost (Approximate amount)
    EUR 5 million
    EUR 96 million

    The proposed operation concerns a participation in Middle East Venture Fund IV (the "Fund"), a closed-end venture capital fund focusing on start-ups active in the digital and technology sectors in the Middle East and North Africa (MENA) region.

    The Fund will focus on start-ups with high growth potential and support them in growing from Seed stage to Series A, Series B, with the objective of becoming national and regional champions. Through its investments, the Fund is expected to contribute to several Sustainable Development Goals including SDG 5 (Gender Equality), SDG 8 (Decent Work and Economic Growth) and SDG 9 (Industry, Innovation and Infrastructure).

    Additionality and Impact

    This operation will contribute to the growth of the Venture Capital ("VC) market in the Middle East North Africa ("MENA") region, which still lags in terms of total funding as a ratio to GDP compared to established countries (in 2019 this ratio was at 0.03% in the MENA region compared to 0.63% in the USn 0.35% in India, and 0.23% in China). Founded in 2010 and with a proven track record, the fund manager is uniquely positioned to deploy the intended investment strategy. It has showed it could support regional and world champions such as Anghami, the MENA replica of the music streaming application Spotify.

    The EU has the ambition to address the digital divide in partner countries including the Neighbourhood Countries and Africa. In March 2021, 25 Member States signed the European Gateway Ministerial Declaration to support the connectivity between the EU and its international partners. The project supports Europe's ambitions to encourage the region's transition to a digital economy.

    EIB as an anchor investor has been able to contribute to the structuring of this investment proposal raising standards and thus the Fund Manager is now better positioned to attract international reputable private and public investors for the long-term.

    Environmental aspects

    The Fund's operational guidelines provide for environmental and social due diligence of investee companies according to guidelines acceptable to the EIB.


    Link to source


    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
    They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).


    Environmental and Social Data Sheet (ESDS) - MIDDLE EAST VENTURE FUND IV B (MEVF IV B)
    Publication Date
    6 Oct 2022
    Document language
    Main Topic
    Document Number
    Document Focus
    Environmental Information
    Project Number
    Publicly available
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