President Tebboune announces launch of Startup Investment Fund

APS-Saturday, 03 October 2020-

President of the Republic Abdelmadjid Tebboune announced Saturday, in Algiers, the official launch of the National Startup Investment Fund, whose operating mode will be distinguished by a “flexibility” and “risk tolerance.”

Speaking at the opening of the National Conference of Startups, “Algeria Disrupt 2020,” President Tebboune said the new funding mechanism will allow young project leaders to “avoiding banks and the subsequent bureaucratic slowness, through this tool that will be distinguished by the flexibility startups need.”

The Fund, to be certainly financed by the State, will remain “open to the private sector and foreign companies wishing to contribute financially,” he stressed.

Organized by the deputy ministry for Knowledge Economy and Startups, the conference is attended by nearly 1000 participants, including startups, incubators, representatives of government and financial institutions, economic operators, experts, associations, universities and research centers.

See also: President Tebboune invites national community abroad to invest in Algeria

The conference’s agenda includes three panels dealing with topics related to the legal framework, venture capital and incubators/accelerators.

On the sidelines of the event, an Algerian startup show bringing together some 40 startups was held to highlight the creativity of young Algerian project leaders.