(MENAFN- Jordan News Agency) Amman, March 12 (Petra)-- The Innovative Startups and SMEs Fund's (ISSF) Board of Directors has appointed Mohab Murrar as the CEO of the Fund as of March 12th 2018. Murrar brings over 22 years of entrepreneurial, executive and leadership experience in the technology and business sectors. He has served as Managing Partner with a US-based Venture Capital firm and is the former CEO of the King Hussein Business Park in addition to playing various roles in different startups in Jordan and fortune 100 companies in the USA. Murrar holds an MBA and a Master of Science in Technology Management from George Mason University. The ISSF aims to increase early stage equity finance for innovative small and medium size enterprises (SMEs) in Jordan. The Company puts into practice the first recommendation of the Jordanian Economic Policy Council to set up a fund to facilitate financing to innovative startups and SMEs in an effort to increase the level of startups with high-growth potential. The implementing entity for the fund is the Jordan Loan Guarantee Corporation.
It will also promote entrepreneurship and contribute to job creation by increasing private early-stage equity finance for innovative small and medium enterprises (SMEs). An investment of US$50 million from the World Bank complemented by US$48 million in co-financing from the Central Bank of Jordan, bringing the total working capital of the ISSF to US$98 million. The Fund will reach out to entrepreneurs from lagging regions around the country, underserved industries and underserved groups such as women entrepreneurs.
Investments in startups will be balanced between the three high risk enterprise stages roughly categorized as: seed; early stage; and venture capital. Investments in SMEs may be in the form of equity or quasi equity instruments. Investments will be opportunistic across all sectors, but primarily in technology, media, telecommunications, service sector with some in agribusiness, pharmaceutical, water, and green energy.
YK
12/3/2018 - 02:07:42 PM
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