Algeria is set to launch specialized investment funds aimed at overcoming financing challenges and achieving its ambitious goal of supporting 20,000 startups by 2029. This initiative was announced by Nourreddine Ouadah, Minister of Knowledge Economy, Startups, and Micro-enterprises, during a recent interview at the Moudjahid Forum in Algiers.
To diversify funding sources and stimulate entrepreneurial growth, Algeria plans to introduce two new funds specifically targeting conventional energy technologies and renewable energy sectors. This development follows the earlier launch of a fund dedicated to artificial intelligence (AI) and information and communication technologies (ICT).
Strategic Collaborations
In addition to launching these funds, the ministry is actively collaborating with international institutions, including the Islamic Development Bank Group, to create investment instruments that adhere to international standards. These funds are designed to help local startups flourish while facilitating their access to foreign markets, particularly in Africa and the Arab region.
Recent Developments
Recently, Algeria's state-owned telecom company, Algérie Télécom, announced an investment fund amounting to USD 11 million (DZD 1.5 billion) dedicated to supporting AI startups, as well as ventures in cybersecurity and robotics. The fund aims not only to foster the growth of 20,000 startups but also to invest in AI-focused universities and incubators, thereby enhancing the country's tech ecosystem.
The establishment of these specialized funds represents a significant step forward for Algeria's entrepreneurial landscape. By addressing financing challenges and collaborating with international entities, the government aims to create a robust environment for startups, driving innovation and economic growth across the nation. With these initiatives in place, Algeria is poised to unlock the potential of its startup ecosystem and position itself as a leading hub for innovation in the region.
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