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Thursday, January 7, 2010

European Investment Bank supports the first venture capital fund in Palestinian territories

New technologies, Co-op & Development, Telecommunications,Local and Regional authorities,Corporations,Development NGOs,Investment Funds,

News The European Investment Bank pledged today 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 Palestinian territories. Once launched, the fund is expected to make a key contribution to the development of private business and the local high-technology and financial sectors.

The Middle East Venture Capital Fund will support the development of high-growth, export-oriented IT and communications companies through equity investment in early stage ventures. At present the expansion of this sector is held back by limited access to venture finance and by limited access to international markets. The Fund will begin to operate once it receives additional commitments. Development of the Information and Communication Technology sectors is a key priority for the Palestinian Territories as it is the only economic activity to have seen near continuous growth over the last decade. Software exports are not subject to the impacts of political uncertainty, such as obstacles to movement and access. The Middle East Venture Capital Fund will benefit from the highly skilled and well educated Palestinian labour force. The Middle East Venture Capital Fund will further benefit from the international technology business experience, understanding of venture capital and contacts around the world and region of the fund’s two managers. The Fund will contribute to the development of venture capital as a new form of finance for Palestinian firms. 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), enabling coordinated support for economic development in Mediterranean partner countries. FEMIP encourages the modernisation and opening-up of the Mediterranean partner countries’ economies. It focuses its activities on two priority objectives: private sector development and the creation of an investment-friendly environment.

Source :  EIB


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