Middle East Venture Capital Fund: The First Venture Capital Fund in Palestine!
The European Investment Bank pledged today yesterday to make a EUR 5m “anchor” investment in the first venture capital fund to target investments in export-oriented IT companies being launched in the Palestine named: The Middle East Venture Capital Fund. The EIB’s commitment was announced at a signature ceremony in Ramallah supported by the appointed Palestinian Prime Minister (the west bank branch), and attended by Mashhour Abu Daqqa, Minister of Telecommunications and Information Technology (in west bank government .)
According to a press release AC has received, The Middle East Venture Capital Fund will work in funding high-growth, export-oriented IT and communications companies through equity investment in early stage ventures. The Fund will begin to operate once it receives additional commitments.
The press release stated that the fund managers hope to work closely with the Palestine ICT Incubator (PICTI) and other mainstays of the Palestinian ICT sector to “spur development of an ecosystem that fosters the formation, financing, and growth of technology companies.”
The European Investment Bank is supporting the Middle East Venture Capital Fund through the Facility for Euro-Mediterranean Investment and Partnership Trust Fund (FEMIP).
The Middle East Venture Capital Fund will be managed by a Palestinian and by an Israeli/American: Saed Nashef and an Yadin Kaufmann.