EBRD, Oasis500 sign Euros 2-mln agreement

Dead Sea, The European Bank for Reconstruction and Development (EBRD) and Oasis500, a leading seed investment company and business accelerator, on Thursday signed an agreement under which the bank will provide Euros 2 million to the firm in the form of advisory support to Oasis500 and its beneficiary companies on how to develop and successfully grow their businesses.

According to a statement issued by the bank, the agreement was signed by Oasis500 board member Karim Kawar, Andrea Fontana, EU ambassador in Amman, Janet Heckman, EBRD Managing Director for the Southern and Eastern Mediterranean region and Hicke Hamgart, EBRD Director of the Eastern Mediterranean Region and Head of Jordan Office.

The EBRD invests and works with private equity funds to help promising start-up businesses release their full potential. The EBRD Accelerator Programme supports these funds through accelerating the development of their pipeline and start-up companies with a mix of practical workshops, connections to expert consultants and various business planning activities over a period of four years.

The cooperation with Oasis500 is the first such project in Jordan. In the wider region, the EBRD is also starting a similar project with Flat6Labs and Egypt. The two projects are supported with Euros 2 million in EU funding as part of a comprehensive EBRD-EU initiative, which includes a dedicated venture capital instrument, to support trade and competitiveness in Egypt and Jordan.

Source: Jordan News Agency