The Ministry of Investment and International Cooperation (MIIC) signed a funding agreement with the Saudi Development Fund in March 2017 to establish The Egyptian Entrepreneurship Investment Company (EEIC) also known as "Egypt Ventures". The investment company will act as a startup fund that invests in early-stage funds, incubators and venture capital funds as well as invests directly in early growth companies. The value of the fund is EGP 451 million and with no sector focus it represents an opportunity for entrepreneurs looking to start a business and provides a chance for innovators to implement their ideas.
The fund comes as part of the Ministry's efforts to foster private sector development. The Ministry announced in January 2017 that, by end of 2016, MIIC had secured a total of USD 2.7 billion to support SMEs. The Ministry has specifically contributed through its development partners to funding Egypt's Social Development Fund (SDF), which, in 2015, financed a total of 15,211 SMEs through EGP 2.2 Billion. Funding was allocated to various sectors like industry, trade, services and agriculture.