The Information Technology Industry Development Agency (ITIDA), the IT arm of the Egyptian ministry of communications, plans to launch a venture capital fund, with a capital of US$100 million.
Hussein El-Gueretly – ITIDA’s CEO – said the fund would be established in cooperation with the Egyptian Social Fund for Development (SFD).
ITIDA and SFD are to contribute US$5 million and US$15 million, respectively, to the fund, El-Gueretly added. Meanwhile, the head of the anticipated fund will be in charge of attracting the remaining US$80 million, or 80 percent in equity capital for the fund, he said.
The new venture capital fund will be the first governmental project to support the new and innovative ideas alongside entrepreneurships, ITIDA official stated.
