Minister of Investment and Foreign Trade:
- We are prioritizing the rapid completion of all technical arrangements and the identification of investment-ready opportunities.
- We will target high-impact sectors, including export services, Trade-tech, insurance brokerage, and Agri-tech, while fostering strong partnerships across the entrepreneurship ecosystem.
- We are preparing a promotional plan to attract financial and investment institutions to participate in the Fund.
- We prioritize forging effective partnerships with stakeholders in the entrepreneurship ecosystem.
As part of ongoing follow-up efforts to accelerate implementation, Minister of Investment and Foreign Trade (MIFT Minister), Dr. Mohamed Farid Saleh, met with officials of the Sovereign Fund of Egypt (TSFE), in the presence of representatives of the Financial Regulatory Authority (FRA), to review progress on incorporating a Venture Capital Special Purpose Acquisition Company (VC SPAC) whose objective is to acquire Egyptian startups serving Egypt’s national development priorities.
The company aims to provide strategic financing to startups and support them across various growth stages, leveraging the regulatory and legislative reforms introduced by FRA during MIFT Minister’s tenure as its chairman. These reforms were specifically designed to expedite the incorporation of SPAC structures and enable innovators and entrepreneurs to benefit from capital market financing mechanisms.
The meeting was attended by TSFE Acting Executive Director Ms. Noha Khalil; Advisor to MIFT Minister, Mr. Mohamed Ayad; Assistant to FRA Chairman, Mr. Mahmoud Gebril; Deputy Assistant to FRA Chairman, Mr. Hatem Nour; TSFE management team members; Advisor to MIFT Minister, Mr. Abed Mehran; and Legal Advisor to MIFT Minister, Said Arafa.
At the meeting, MIFT Minister was briefed on a detailed presentation by TSFE officials covering the initial concept and legal structure of the proposed company. He emphasized the need to finalize all technical details promptly and to identify implementation-ready investment opportunities, particularly in key sectors serving the national economy.
In addition, Dr. Farid also designated a set of priority sectors to be targeted by the new company, including export services, export of goods, trade-tech, insurance brokerage, and agri-tech.
He also instructed opening channels of collaboration with key players in the entrepreneurship ecosystem—particularly Micro, Small and Medium Enterprises Development Agency (MSMEDA), African Export-Import Bank (Afreximbank), and Innovators Support Fund (ISF) affiliated to Ministry of Higher Education and Scientific Research—to drive synergies and build a supportive environment for Egyptian startups to expand regionally and internationally.
Moreover, MIFT Minister stressed that establishing a venture capital company represents a strategic step toward supporting innovation and empowering startups to grow and expand in line with the national development priorities. He added that MIFT aims to create - via TSFE – a dynamic investment environment that provides both financing and technical expertise, enabling startups to become key drivers of economic growth, job creation, and enhanced global competitiveness of the Egyptian products and services.
Dr. Farid further highlighted the importance of connecting with institutions, particularly banks and insurance firms, capable of contributing to realizing the new company’s objective, and he directed TSFE officials to undertake a professional and targeted promotion campaign to engage these stakeholders in the period ahead.
These efforts, under the leadership of Dr. Farid, form part of MIFT’s broader strategy to promote innovation, empower startups, advance digital transformation, strengthen governance, and expand sustainable financing frameworks—thereby enhancing Egypt’s attractiveness to investment, boosting its regional and global competitiveness, and fostering an ecosystem capable of transforming promising ideas into successful ventures.
