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    Reference: 20190454
    Release date: 24 November 2021

    Promoter – Financial Intermediary




    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.

    Additionality and Impact

    This operation will contribute to the growth 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 US, 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



    EIB as 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.


    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).


    • Services - Financial and insurance activities

    Proposed EIB finance (Approximate amount)

    EUR 20 million

    Total cost (Approximate amount)

    EUR 96 million

    Environmental aspects

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




    Signed - 19/12/2022


    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).

    Related tags

    Mediterranean Countries Services