The final closing of the Tanmiya Capital Ventures II fund has been officially announced with a total volume of $130 million. This closing comes with a key partnership including the Micro, Small and Medium Enterprises Development Agency (MSMEDA), alongside a group of international development finance institutions including the European Investment Bank, the European Bank for Reconstruction and Development, the International Finance Corporation, and the Egyptian-American Enterprise Fund.
This step reflects the confidence of international investors in the Egyptian economy and is an important milestone in the efforts aimed at developing the role of the private sector in leading economic growth and expanding the scope of long-term financing available to companies with promising potential in the local market.
Fund Objectives and Venture Capital Program
In this context, Bassel Rahmi, CEO of the Micro, Small and Medium Enterprises Development Agency, stated that the agency's contribution to the fund strengthens the role of the venture capital program, through which it collaborates with experienced investment fund managers in the fields of private equity and venture capital. He explained that the fund will contribute to providing the capital and specialized expertise that companies need to expand and create new job opportunities.
For his part, Ahmed El-Guindy, Managing Partner and Fund Manager, expressed pride in the partnership with the Micro, Small and Medium Enterprises Development Agency, confirming his aspiration for the fund to support a group of distinguished Egyptian companies and emphasizing the strength and resilience of the Egyptian private sector and its ability to provide successful models.
What does this closing represent in practice?
This closing comes within the framework of the Micro, Small and Medium Enterprises Development Agency's strategy to implement the Fund of Funds program, which aims to expand the scope of investments directed at the entrepreneurship ecosystem. The program aims to enhance the capabilities of investment funds operating in the Egyptian market and stimulate the participation of private capital to build a more diverse and sustainable market for financing startups and small and medium-sized enterprises.