ŕ—»Ū  27 May 2020

  • Media Center
  • Press Room
  • Press Releases
  • Press Releases

    1. Press Releases
    2. Press Kits
    3. PhotoGallery
    4. Webcasts
    5. Reports and Documents
    6. Biographies

    The Prime Minister Launches the Technology Development Fund

    Cairo, 21 June 2004

    The Prime Minister, H.E. Dr. Atef Ebeid, and the Minister of Communications and Information Technology, H.E. Dr. Ahmed Nazif, launched today the Technology Development Fund, a leading venture capital fund which aims to finance and support Egyptian startups in the CIT sector. The event, jointly organized by the Technology Development Fund Company and the Ministry of Communications & Information Technology, took place at Egyptís modern technology park; the Pyramids Smart Village.

    The prestigious event was attended by over 300 high-profile guests including their Excellencies the Ministers of Petroleum, Foreign Trade, Industry & Technological Development and Higher Education, as well as the Minister of State for Military Production and the Minister of State for Foreign Affairs among the distinguished attendees were renowned business figures representing the financial and ICT sectors as well as members of the diplomatic core, government leaders and several representatives from local and international agencies.

    The Technology Development Fund aims to identify and support aggressive and ambitious startups that possess a compelling idea, viable business model and hold a high potential for success. The Technology Development Fund will be managed by EFG-Hermes Private Equity, Egyptís leading private equity house, while IDEAVELOPERS, a specialized advisory company comprising a team of ICT business experts, will act as an advisor to the Fund Manager and the portfolio of investments. With such a model; the Technology Development Fund combines the entrepreneurial, operational and investment expertise necessary to nurture and support startups during their early growth phase.

    A strong public-private sector partnership helped to pioneer the fund, with the Ministry of Communications and Information Technology offering its full backing and support to the fund since its inception. The level of cooperation demonstrated by the public and private sector in the development of the Technology Development Fund will ensure that the fund remains a permanent asset of Egyptís rapidly growing CIT sector. As the market continues to grow, the fund will provide even more opportunities as an ideal partner for ambitious and qualified entrepreneurs who wish to develop their ideas and small businesses into successful and profitable ventures.

    The fundís first round of EGP 50 million was fully subscribed-to by leading Egyptian Institutions including; Telecom Egypt, the Commercial International Investment Company (CIIC), Misr. Insurance Co., El Charq Insurance Co., Egyptian Re-Insurance Co., Misr Iran Bank for Development and Faisal Islamic Bank. These institutions have voiced their confidence in the potential of Egyptís ICT sector and are leading the way for others to join in.

    In addition to financing, selected companies will have access to a wide range of strategic support and consulting services provided by IDEAVELOPERS. Fund beneficiaries will also be able to utilize state-of-the-art office and incubation facilities at the Smart Village which are fully sponsored by the Ministry of Communications & Information Technology.

    The operational model developed by EFG-Hermes and IDEAVELOPERS is truly unique as it provides for a complete and integrated package that addresses the needs of Egyptian entrepreneurs in such a dynamic sector.

    The Technology Development Fund and its business model have been carefully crafted to address the specific needs of the Egyptian communications and information technology sector. Such an integrated package is a unique offering for aggressive Egyptian entrepreneurs to help develop and grow their businesses and projects into highly successful ventures, while at the same time offering investors a reliable investment vehicle to tap into the lucrative returns of this rapidly growing market.


    The Technology Development Fund is an Egyptian direct investment fund registered under the Capital Market Authority (CMA) law 95/1992. The fund has an issued and paid-in capital of EGP 50M and an authorized capital of EGP 250M. The fund focuses on the communications and information technology sector and aims to invest in Egyptian startups in the seed and early-stage. The typical investment size will range from EGP 1 to 6 million, with an average time frame of 3-5 years to realize a successful exit. The financial contribution will be invested primarily against shares in the selected companies, ensuring full partnership with promising entrepreneurs.


    In early 2003, EFG-Hermes and Bullion Company Ltd. came together to form one of the largest, active private equity firms in Egypt: EFG-Hermes Private Equity (EHPE). The Company was formed with the aim of consolidating and streamlining the operations of all the private equity funds of the group under one entity, sharing the same vision and guided by common investment objectives. EHPE is the continuation of the groupís co-involvement, which began in 1997 with the flagship fund: the Horus Private Equity Fund, L.P. EHPE now manages five funds in addition to EFG-Hermesí proprietary investments, with total funds under management of approximately US$ 350 million. In addition, the firm acts as local advisor to foreign funds investing in the region.


    IDEAVELOPERS, a joint venture between Telecom Egypt and EHPE, is unique firm established specifically to provide advisory services to the Technology Development Fund and other similar initiatives. It comprises experienced entrepreneurs and industry veterans who collectively account for strong sector experience. Through its professional advisory services, IDEAVELOPERS will assist the fund, its management and, most of all, the portfolio companies, in developing successful and profitable operations.

    Media Contact

    For media-related inquiries, please contact our media relations representative.

    Affiliate Organizations Related Institutions
    Contact Us  |  Feedback  | Site Map  |  DisclaimerPrivacy Statement  |  MCIT RSS Copyright Ministry of Communications and Information Technology 1999-2020. All rights reserved