Cairo – Mubasher: An entrepreneurship and investment company worth EGP 451 million has been established to support youth projects, the minister of investment and international cooperation said on Thursday.

The company will help close the funding gap for startups by providing funds to directly or indirectly contribute to their capital through incubators and venture capital, Sahar Nasr added.

The investment law will also support small- and medium-sized enterprises (SMEs), Nasr reported.

In January 2016, President Abdel Fattah El-Sisi had stated that the banking sector would inject EGP 200 billion as part of an initiative to support SMEs.