The UK government’s Development Finance Institution, British International Investment (BII), plans to invest USD 100 M startups in Egypt’s startups. BII, formerly known as the CDC Group, has been active in various regions in Africa, promoting technology growth and adoption.

To further tighten its ties with the Egyptian local ecosystem, BII announced funding commitments to 2 of the most recognised VC funds in Egypt – Algebra Ventures and Endure Capital. Endure Capital recently announced the close of its USD 50 M fund.

Earlier this year, in May, BII also participated in the USD 50 M Series B funding of the Egyptian fintech Paymob. The round was led by PayPal ventures. The DFI funded Nigerian mobility startup Moove and Kenyan agritech iProcure recently.

BII has commitments of over USD 760 M in Egypt, and its direct and indirect investments in the country span several critical sectors such as clean infrastructure and energy, healthcare, manufacturing, and financial services. Its investments currently support more than 50 businesses and over 32,000 jobs across the country. 

Commenting on BII’s latest commitments in Egypt’s thriving start-up ecosystem, Nick O’Donohoe said: “These investments form a critical part of BII’s new five-year strategy and reflect our local priorities to continuously explore opportunities to back local venture capital fund managers and direct our capital toward stimulating entrepreneurship and innovation among native businesses in impactful sectors.