Luxembourg and Cairo, 05 May 2021 – The Technical Assistance Facility of the Green for Growth Fund (GGF) has joined forces with Changelabs Accelerator in Egypt, one of the top 10 accelerators in the Middle East, to launch a “Scale Up to Green” accelerator program. This initiative will target Egyptian startups focusing on resource eﬃciency, green energy, and agritech to provide them with access to the resources and capacity building assistance they need to scale, acquire more customers, build strategic long-term partnerships, and raise additional funding.
The six-month program, which will kick off in May 2021, will select 15 high-potential entrepreneurs based on factors such as the ability of their business models to have a positive impact on advancing green energy, resource efficiency, and agritech in Egypt and beyond. Participants will attend at least 18 workshops and receive above 200 hours of coaching and mentorship support from industry leaders and successful entrepreneurs. The program will close with a demo day competition, where the startups will have a final pitch event in front of investors, stakeholders from the Egyptian innovation ecosystem, and independent judges. The startups will be considered for direct technical assistance support by the GGF Technical Assistance Facility post program.
GGF Technical Assistance Facility Chairperson Klaus-Peter Pischke said: “We are pleased at the opportunity to partner with an institution passionate about fostering sustainable economic growth in Egypt. By giving innovative businesses the tools and support needed for success, we believe this will contribute to a green transformation across the country.”
ABOUT THE GGF
The Green for Growth Fund invests in measures designed to cut energy use and CO2 emissions, and improve resource efficiency in 19 markets across Southeast Europe and Turkey, the European Eastern Neighbourhood Region, and the Middle East and North Africa. The fund provides such financing directly to renewable energy projects, corporates and municipalities or indirectly via selected financial institutions. The GGF’s Technical Assistance Facility maximizes the fund’s investment impact through support for capacity building at local financial institutions and partners.
The GGF was initiated as a public-private partnership in December 2009 by Germany’s KfW Development Bank and the European Investment Bank, with financial support from the European Commission, the German Federal Ministry for Economic Cooperation and Development, the European Bank for Reconstruction and Development, and the Austrian Development Bank (OeEB). The fund’s growing investor base comprises donor agencies, international financial institutions and institutional private investors, including the International Finance Corporation, the Dutch development bank FMO, and the German ethical bank GLS. The GGF is advised by Finance in Motion GmbH. MACS Energy & Water GmbH, Frankfurt am Main acts as the technical advisor.
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