Brussels, 04/04/2011 (Agence Europe) - A number of financial organisations, including the European Investment Bank (EIB) and operators in the ICT (information and communication technology) sector will meet in Ramallah in the West Bank on Tuesday 5 April to launch SADARA Ventures, the first capital fund targeting Palestinian hi-tech companies. Fund promoters, in addition to the EIB, are Cisco (a US-Israel multinational), the Soros Fund, the Google Foundation, the Skoll Foundation, Basel Asset Management, the Case Foundation (Alps Investment LLC), the Peter and Deborah Weinberg Foundation and a number of other smaller operators. The fund has built up equity of around US$28.7 million. The EIB contributed €5 million.
“The successful launch of this fund sends an important message across the region”, says EIB Vice-President Philippe de Fontaine Vive, who will attend the launch ceremony being hosted by Palestinian Prime Minister Salam Fayyad. (F.B./transl.rt)