An acceleration programme has just been launched in Egypt with the aim of boosting the operational performance of green start-ups. The programme is initiated by the start-up accelerator Changelabs with funding from the Green for Growth Fund (GGF). Applications are open until the end of the second quarter of 2021.
In Egypt, green start-ups have the opportunity to participate in an accelerator programme recently launched by Changelabs, a start-up accelerator dedicated to North African and Middle Eastern countries. Called “Scale Up to Green”, the programme aims to boost start-ups providing innovative solutions in the fields of resource efficiency (water and energy), renewable energy and aggritech.
The programme will support small and medium-sized enterprises (SMEs) in accessing the resources and services they need for their development, including through fundraising. These start-ups will also be able to access technology and design services, as well as assistance in creating new products. For six months, the start-ups benefiting from the acceleration programme will be supported in their development through an operational partnership.
The Scale Up To Green programme is implemented in partnership with the Green for Growth Fund (GGF), a $600 million impact fund financed by major financial institutions such as the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD), the Netherlands Development Finance Corporation (FMO), the German Development Agency (KfW), and the International Finance Corporation (IFC), the private sector arm of the World Bank Group.
“By mid-2021, the programme will admit and work closely with 15 Egyptian post-revenue companies. Each admitted start-up will be considered for investment by GGF and will receive technical assistance,” says Changelabs.
The accelerator programme is also supported by the European Union (EU) through its EU4Energy programme for the electricity sector. The Scale Up to Green programme will also be supported by the Amazon Web Services (AWS) initiative of Egyptian Gulf Bank (EGBank). Applications are open to green start-ups until the end of Q2 2021.
For more information on the accelerator programme, click here.
Jean Marie Takouleu