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        MIDDLE EAST VENTURE CAPITAL FUND

        Signature(s)

        Amount
        € 5,000,000
        Sector(s)
        Services : € 5,000,000
        Signature date(s)
        22/12/2009 : € 5,000,000
        Other links

        Summary sheet

        Release date
        17 September 2009
        Status
        Reference
        Approved | 12/10/2009
        20090347
        Project name
        Promoter - financial intermediary
        Middle East Venture Capital Fund
        Early stage IT companies based in the Palestinian Territories
        Proposed EIB finance (Approximate amount)
        Total cost (Approximate amount)
        EUR 5 million (to be financed under the FEMIP Trust Fund)
        Total size of the Fund is between USD 35 million and USD 50 million.
        Location
        Sector(s)
        Description
        Objectives

        Participation in a venture capital fund currently being established, which will primarily invest in early stage private, export oriented businesses located in the Palestinian Territories and active in business services, software and communication.

        The Fund would be the first venture capital fund focusing on the Palestinian Territories. It will support the development of the financial sector and private sector in the Palestinian Territories by providing equity or quasi-equity financing for the expansion of local early stage companies, which completely lack a source of venture capital financing that is critical for their growth.

        Environmental aspects
        Procurement

        Not applicable

        Not applicable

        Other links

        Disclaimer

        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).

        Photogallery

        Participation in a venture capital fund that will primarily invest in early stage private IT businesses located in the Palestinian Territories
        Middle East Venture Capital Fund
        ©To be defined
        Participation in a venture capital fund that will primarily invest in early stage private IT businesses located in the Palestinian Territories
        Middle East Venture Capital Fund
        ©To be defined
        Participation in a venture capital fund that will primarily invest in early stage private IT businesses located in the Palestinian Territories
        Middle East Venture Capital Fund
        ©To be defined

        General enquiries and comments

        The EIB is committed to open communication and encourages constructive stakeholder input regarding its activities.
        Enquiries and comments concerning the EIB’s involvement in a project or the financing facilities, activities, organisation and objectives of the EIB, can be sent to the EIB Infodesk.
        Alternatively, the EIB can be contacted through its external offices.
        Queries regarding details of a specific project, in particular when it is under appraisal by the EIB, should preferably be addressed directly to project promoters.

        Media enquiries

        Media-related enquiries can be addressed to the EIB Press Office. Please also visit our Media information section.

        Complaints mechanism

        Any complaint regarding alleged maladministration can be lodged via the EIB Complaints Mechanism. The European Ombudsman acts as an independent external accountability mechanism of the EIB.

        Zero tolerance against fraud and corruption

        The EIB has a zero tolerance policy on fraud or corruption. To report allegations of fraud and corruption relating to EIB-financed projects, please contact the Investigations Division. All reports will be treated as strictly confidential and handled in line with EIB investigation procedures and the EIB Group Anti-Fraud Policy.

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