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Egypt’s new fund eyes agritech startups in Mideast and Africa

Nature, Outdoors, Truck REUTERS/Bryan Woolston
Core inflation climbed to an annual 18% in September from 16.7% the prior month, shows data from the country's statistics agency.

A new climate resilience fund in Egypt plans to raise $25 million to invest in nature-positive and sustainable agriculture startups across the Middle East and Africa, The National newspaper reported.

The fund will invest $12.5 million in Egyptian ventures, while the rest will be equally split between the two regions.

It will target pre-seed startups, which tackle the problems of land misuse through tech-enabled and nature-enabled solutions.

In addition, the fund will support startups that focus on sustainable agriculture practices.

The report said that high net worth individuals, mainly in the Middle East, have indicated an interest in investing in the fund.

Egypt will host Cop27, the UN climate summit, in Sharm El Sheikh from November 6 to 18.