Promoting Venture Capital Business in Egypt

Roundtable

 

The Ministry of Finance, with the support of the Small and Medium Enterprise Policy Development Project (SMEPoL) and  in collaboration with Financial Services Volunteer Corps (FSVC) have held a roundtable event on Sunday, 2 July, 2006 entitled " Promoting Venture Capital Business in Egypt” at The Four Seasons Hotel Nile Plaza, Cairo.

 

The purpose of the roundtable was to engage stakeholders in a dialogue with government officials to discuss the constraints facing the venture capital industry in Egypt. The dialogue was further extended through a set of meetings that were conducted in the days following the roundtable discussions. The meetings were with several companies in the market, in addition to the Capital Market Authority and The Cairo Alexandria Stock Exchange. The final report summarizing the findings and recommendations are expected to be available on the website by July 18, 2006. This report will also be presented to the Venture Capital committee, which in turn will take the necessary steps to facilitate the implementation of the suggested recommendations coming out of the report.

 

Agenda

Session Speakers

Opening Session

Mr. Nabil Rashdan, Advisor to the Minister of Finance

Thelma Tajirian, Country Director, FSVC

Presentations:
Application of Venture Capital within the SME Sector

Mrs. Naglaa Bahr, Development Director, Finance  and Banking Consultants International (FinBi)
Venture Capital Committee

Mr. Mohamed Abdel Aziz, SME Development Specialist, Ministry of Finance

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FSVC (USA Experience)

Mrs. Thelma Tajirian, Country Director, FSVC

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General Discussion

(Moderator: Dr. Alaa Edris, Managing Partner, CORDE)

First Topic:

Legal and Regulatory Environment

Mr. Abdel Hamid Ibrahim, Senior Advisor to the Minister of Investment

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Discussion

(Moderator : Dr. Alaa Edris)

  • How to strengthen the legal enforcement of contracts and shareholder rights?

  • Can the law concerning the definition of VC be amended?

  • Could the time and effort be limited in order to satisfy the legal requirements for the formation of VC Companies?

Second Topic

VC Supply Side

Mr. Hany Tawfik, President, Arab Union for Venture Capital

Jo Anne Heywood, Principal, Innovent Nokia

Discussion

(Moderator: Dr. Alaa Edris)

  • Absence and in-clarity of a liquid initial public offering

  • How to increase the number of available fund managers in the market?

Third Topic:

VC Demand Side and Role of Associations

Mr. Samir El Alialy, Cahirman and CEO, Investia Venture Capital Company

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Jo Anne Heywood, Principal, Innovent Nokia

Discussion

(Moderator: Mr. Basel El Hini, Advisor to the Minister of Finance)

  • What can be done in order to enhance the potential of entrepreneurs?

  • Corporate governance and compliance adoption

  • How to solve the market information problem, and the lack of statistics?

  • Can SMEs be a viable market for VC companies?

Closing Session and Next Steps

Mr. Nabil Rashdan, Advisor to the Minister of Finance

Mrs. Thelma Tajirian, Country Director, FSVC