Flat6Labs, Misr Entrepreneurship, and the Ministry of Investment and Interntional Cooperation intend to invest some EGP 10m in emerging companies during the coming period. She explained that this agreement comes in cooperation with the International Finance Corporation (IFC), which provides funding up to $2m to Flat6Labs, as well as the Egyptian American Fund for Entrepreneurship. Flat6Labs has investments in some 100 Egyptian startups. Merzban said that the capital of the company is now at EGP 451m, noting that there are negotiations with development partners to reach a capital of EGP 1bn. El-Alfy said that the agreement is an important step forward for entrepreneurs and emerging businesses in Egypt.

Source: Daily News Egypt July 11, 2017 15:45 UTC