Egypt's Central Bank Fund for Fin-tech Startups Aspires to Reach $500 Million Over The Next 5 Years

The Central Bank of Egypt (CBE) is planning to raise its fin-tech fund from $100 to $500 million over the next five years, according to local business newspaper Al Mal. In the coming few days, CBE is anticipated to reveal a list of the sectors that the fund is interested in and identify the problems that are aimed at providing solutions through the innovations of fin-tech. 

The Ernst & Young International Foundation has recently finalised the regulation of the fund, which is due to be launched in early 2020. The fund is expected to participate in a number of local and international institutions, which will provide financing for venture capital funds, incubators and business accelerators. During Seamless Africa Summit 2018, Tariq Amer, Governor of the Central Bank of Egypt, announced that the fund will be launched with an initial capital of EGP 1 billion as part of the country's strategy to transform the regional and global hub to promote fin-tech.

Other than the fund, the CBE has assigned its Deputy Governor of the Central Bank of Payment Systems to preside over the fin-tech hub in the CBE's iconic headquarters in downtown Cairo, allocating 7 square kilometres for startups and workshops to embrace more than a thousand entrepreneurs.