The European Investment Bank (EIB) will invest $27 million in the Middle East Venture Fund IV, which was launched by Middle East Venture Partners (MEVP). The new venture capital fund will increase equity investment in e-commerce, health and education technology companies across the Middle East and Pakistan.
This marks the largest venture capital engagement by the EIB in the Middle East and is part of its new dedicated development finance arm, EIB Global. The aim is to enable local companies to benefit from digital business opportunities and support the creation of over 8,000 skilled jobs in the region.
MEVP has successfully backed more than 60 technology startups across the Middle East over the past 12 years, including grocery and food delivery firms Nana and Toters, health-tech platform Altibbi, and smart payment company Hyperpay.
The new initiative will scale up long-term investment in early and growth-stage companies across the region and enable Middle Eastern consumers to benefit from global digital trends, including increased access to online health services, education, entertainment, and services.
The European Union Delegation to Egypt has committed to private sector development in Egypt and across the region. This new cooperation between EIB Global and MEVP is expected to accelerate skilled job creation and increase the role of technology-driven businesses in the years ahead. It will be interesting to see what further investments EIB Global makes in the Middle East in the future.