EBRD Pledges $3 Million to Ibtikar Fund to Support West Bank Startups
Ibtikar Fund II, which raised a total of $25 million, aims to generate growth from investments in Palestinian tech startups.
The European Bank for Reconstruction and Development (EBRD) has committed $3 million to Ibtikar Fund II to support the emerging venture-capital ecosystem in Palestine’s West Bank. This marks EBRD’s first equity investment in a venture capital fund in the region, with Ibtikar, a leading regional fund manager, overseeing the new fund.
Ibtikar Fund II has raised a total of $25 million and aims to generate long-term capital growth by investing in up to 25 early-stage Palestinian tech startups. The fund may also select companies based in neighbouring countries, provided they are linked to the West Bank and Gaza.
Micro and small businesses are the backbone of the Palestinian economy, representing 98% of local enterprises and contributing 60% of GDP. However, they face significant challenges in accessing the capital needed for expansion. The fund’s investments will help these businesses scale operations, enter new markets and drive sustainable growth, while promoting digitalization in the West Bank and fostering job creation.
“We are excited to support the further development of the early-stage innovation ecosystem in the West Bank in partnership with Ibtikar," said Anne Fossemalle, EBRD Director for Private Equity Funds Investment. "This is our first venture capital fund investment in the region, and we look forward to helping local startups thrive, especially in these unprecedented times."
Since commencing operations in the West Bank and Gaza in May 2017, the EBRD has approved 27 transactions totaling $142 million.
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