According to bank provided information, the proposed project consists of an IFC equity commitment of up to $15 million in Algebra Ventures II Coöperatief U.A. (“Algebra II” or the “Fund”), a venture capital fund domiciled in Netherlands with a target size of $90 million. The Fund will invest in technology startups in Egypt and opportunistically in the broader Middle East and Africa (“MEA”) region. A separate co-investment envelope of up to $15 million will also be part of the project.
Proposed IFC equity commitment of up to $15 million, not to exceed 20% of total fund commitments. A separate co investment envelope of up to $15 million will also be part of the project.
The Fund will be managed by Algebra Ventures B.V. (“Algebra” or the “Fund Manager”), a Netherlands registered investment firm. The Fund will be led by four partners, Tarek Assaad, Karim Hussein, Omar Khashaba, and Laila Hassan.
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