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The Algerian Startup Fund has signed an agreement with the country’s General Directorate of the Treasury and accountant general’s office for the exploitation of the country’s regional investment funds to fund startups across the country.
The Algeria Startup Fund was established in October 2020 during the first edition of “ALGERIA DISRUPT” and after a new post of the minister of startups was created in the country in January 2020.
The fund will enable entrepreneurs of innovative projects to start their businesses without the bureaucratic restrictions of conventional financing mechanisms by utilising venture capital as a new method of financing startups.
The total value of the regional funds that will be used by ASF stands at 58 billion dinars, which equals $411 million.
Okba Hanachi, CEO of the ASF, highlighted that the Startup Fund will have access to these funds 'for investment in startups, with financing of up to 150 million DA per project (about $1M).
This new phase launched by the National Fund for Financing Startups, the first of its type in Algeria, is expected to improve the ecosystem of entrepreneurship and innovation in the nation.
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