The European Union will invest a further $27 million in a UAE-based venture capital firm, aiming to help technology companies across the Middle East and Pakistan harmed by the COVID-19 pandemic.
The money will be used to help companies in Egypt, Lebanon, Jordan and Pakistan, that were affected by the pandemic and is expected to support creation of more than 8,000 skilled jobs.
The investment by the Luxembourg-based European Investment Bank (EIB) into Middle East Venture Fund IV represents its largest ever venture capital commitment.
The venture capital fund welcomed the EIB investment that will ensure companies across the Middle East can grow, harness new business opportunities and create thousands of skilled jobs.
Middle East Venture Partners has successfully backed more than 60 technology start-up companies across the Middle East.