EBRD Invests $3 Million in Ibtikar Fund II to Boost Palestinian Tech Ecosystem
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The European Bank for Reconstruction and Development (EBRD) is supporting the nascent venture-capital ecosystem of the West Bank by committing $3 million to Ibtikar Fund II, the new fund raised by Ibtikar, the region’s prominent institutional-quality fund manager. The investment marks the EBRD’s first equity investment in a venture capital fund in the West Bank.
Ibtikar will seek to generate long-term capital appreciation from equity and equity-related investments in up to 25 early-stage Palestinian technology companies, with the flexibility to also invest in selected companies in neighbouring countries with a connection to the West Bank and Gaza.
The fund closed with $25 million in total commitments, above its initial target of $15 million and doubling the size of its maiden fund.
Micro and small businesses are central to the Palestinian economy, accounting for over 98 percent of local enterprises and generating more than 60 per cent of gross domestic product, but they face significant economic challenges and capital shortages. Ibtikar will provide local technology startups with the necessary resources to scale up their operations, access new markets and drive sustainable development. This will help to advance digitalisation and foster job creation by supporting young entrepreneurs and the employment of women. It will also enhance economic links between the West Bank, Gaza and neighbouring countries.
Anne Fossemalle, EBRD Director for Private Equity Funds investment, said: “We are excited to support the further establishment of the early-stage innovation ecosystem in the West Bank in partnership with Ibtikar. This is our first investment in a venture-capital fund in the West Bank, and we look forward to taking part in supporting local startups, particularly in these unprecedented times.”
Habib Hazzan, Managing Partner of Ibtikar, said: “We are excited to welcome the EBRD to Ibtikar Fund II, as we share a common vision for empowering Palestinian entrepreneurs. This collaboration will enhance our ability to fund innovative Palestinian startups that will become leaders in regional and global markets and prove that the startup ecosystem in the West Bank has matured and is attractive for top-tier, international investors.”
Since the launch of its activities in the West Bank and Gaza in May 2017, the EBRD has approved 27 transactions worth a total of $142 million.
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EBRD (Investment Firm)
We build sustainable and open market economies wherever we work. We are a climate finance leader and actively support Ukraine and other countries affected by the war there. We also promote equality of opportunity through access to skills and employment, finance and entrepreneurship for women and young people. And we help unleash the power of digital technology to bring about change for the better. We continue to do all this through our tried and tested business model of investment and technical advice, mainly for the private sector, and help with policy reform.
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