Our support for early-stage, technology-oriented MSMEs – predominantly in Jordan but also in Egypt, Morocco and Tunisia – was demonstrated by a US$ 8 million (€6.6 million equivalent) investment in the Badia Impact Fund. Badia is an early-stage venture capital fund focused on the southern and eastern Mediterranean (SEMED) region.
The project contributes to the expansion of the venture capital industry in SEMED, providing much-needed long-term equity financing for innovative MSMEs at an early stage of growth. We made the investment under our Early-Stage Innovation Facility (ESIF), a dedicated €100 million facility through which we will selectively invest in commercially oriented early-stage venture capital funds.
The transaction is part of our efforts to promote the knowledge economy, in particular by fostering the development of the early-stage venture capital ecosystem.