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Investment and Foreign Trade Minister Mohammad Farid met officials from Egypt’s Sovereign Fund and the Financial Regulatory Authority to follow up on establishing a Special Purpose Acquisition Company (SPAC). The company will target venture capital investments through acquiring Egyptian startups that support national development priorities. 

The project aims to provide strategic financing for startups and help them expand, building on regulatory reforms introduced during Farid’s tenure at the FRA. These reforms were designed to accelerate SPAC creation and enable entrepreneurs to access capital markets. 

During the meeting, the minister reviewed the initial structure of the new company and urged quick completion of technical details and identification of ready investment opportunities. He highlighted priority sectors including export services, commodity exports, trade technology, insurance brokerage, and agricultural technology. 

Farid stressed the importance of partnerships with entrepreneurship bodies, such as MSMEDA, Afreximbank, and the Innovation Fund under the Higher Education Ministry. He said the SPAC will be a strategic step to support innovation, empower startups, and create jobs, while boosting Egypt’s competitiveness globally. 

The ministry’s moves reflect its broader strategy to promote innovation, digital transformation, governance, and sustainable finance, aiming to attract investment and strengthen Egypt’s regional and international economic position. 

Source: The Egyptian Gazette