July 2021, Tripoli, Under the framework of the European Union-funded project EU4PSL, Expertise France started providing technical assistance to Tadawul Financial Group to establish the first of its kind Venture Capital fund in Libya. The fund will invest in early-stage start-ups specializing in financial technologies, which will support entrepreneurs in Libya to boost their innovative projects.
The technical assistance is provided through VeSquad, which is a leading corporation in the field. VeSquad will support developing the fund’s structure, strategy and provide it with all tools to enable its future operations.
Several meetings were conducted in Tripoli with different stakeholders, including, the Central Bank of Libya, the Libyan Stock Market, local Libyan start-ups, Tadawul Financial Group, and Expertise France, to discuss the establishment of the fund and the required policies, legal structure, and procedures.
This venture capital fund is expected to support the Libyan private sector by creating opportunities for young entrepreneurs to expand their projects and provide innovative services and solutions to the citizens, It is expected to be launched by the first quarter of 2022.
This initiative is part of the EU4PSL activities to support the Libyan private sector. It’s funded by the European Union and implemented by Expertise France.