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TunisiaEBRD’s first investment in a venture capital fund in the West Bank and Gaza
The European Bank for Reconstruction and Development (EBRD) is supporting the nascent venture-capital ecosystem of the West Bank by committing US$ 3 million to Ibtikar Fund II, the new fund raised by Ibtikar, the region’s prominent institutional-quality fund manager. The investment marks the EBRD’s first equity investment in a venture capital fund in the West Bank.
Micro and small businesses are central to the Palestinian economy, accounting for over 98 per cent of local enterprises and generating more than 60 per cent of gross domestic product, but they face significant economic challenges and capital shortages. Ibtikar will provide local technology startups with the necessary resources to scale up their operations, access new markets and drive sustainable development. This will help to advance digitalisation and foster job creation by supporting young entrepreneurs and the employment of women. It will also enhance economic links between the West Bank and Gaza and neighbouring countries.
Since the launch of its activities in the West Bank and Gaza in May 2017, the EBRD has approved 27 transactions worth a total of US$ 142 million.
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