‘Egypt’s central bank to launch over $50m fintech fund’

The Central Bank of Egypt (CBE) is reportedly planning to launch a $50-million to $100-million fintech fund by early next year.

So, says Egypt’s Minister of Communications and Information Technology Amr Talaat (pictured above).

Daily News Egypt reported in an article yesterday that Talaat said the ICT ministry is ready to contribute to the fund, upon the CBE’s request.

The CBE aims to transform Egypt into a regional centre for electronic financial services

Talaat also told the same publication that the Egyptian government will this year launch seven technological parks in different universities around the country at a total cost of 1-billion Egyptian Pounds (about $60.8-million).

In another article in March, the Daily News Egypt quoted CBE sub governor for payment systems and information technology Ayman Hussein as saying that the CBE aims to transform Egypt into a regional centre for electronic financial services (see this story).

The CBE, the article stated, has identified the establishment of a 1-billion Egyptian Pound innovation support fund for emerging fintech startups as part of several initiatives to meet this goal.

Other measures the CBE is taking include the establishment of an Innovative Financial Technology Applications Lab and a Financial Technology Unit.

Read more: Startupbootcamp-Pride Fintech Cairo programme to accelerate 40 Egyptian fintechs

Featured image: Egypt’s Minister of Communications and Information Technology Amr Talaat (Screenshot)