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The flag is seen behind the EIB sign in Luxembourg City. (Reuters)
The European Union will invest an additional $27 million in a UAE-based venture capital firm aimed at helping tech companies in the Middle East and Pakistan hurt by the COVID-19 pandemic.
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The investment in Middle East Venture Fund IV by the Luxembourg-based European Investment Bank (EIB) represents its largest venture capital commitment ever, the EIB said in a press release on Monday.
The funding will be used to help companies in Egypt, Lebanon, Jordan and Pakistan affected by the outbreak and “is expected to support the creation of more than 8,000 tech jobs,” the EIB said.
MEVP founder and co-CEO Walid Hanna said the venture capital fund welcomed the EIB’s investment, “which will ensure that companies in the Middle East can grow, capitalize on new business opportunities and create thousands of technology jobs.”
Middle East Venture Partners has successfully backed over 60 tech startups in the Middle East over the past 12 years, including music streaming platform Anghami.
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