CBE to launch EGP 1 bn fintech fund in 2Q2020
Egypt’s first fintech fund slated to open 2Q2020: The Central Bank of Egypt’s (CBE) EGP 1 bn fund to support fintech startups will be launched in the second quarter of this year, Al Mal reported, quoting a CBE report. The fund, which was initially expected to be up and running at the beginning of this year, will focus on providing finance to fintech venture capitalist funds, and startup incubators and accelerators. The size of the fund is projected to increase to around USD 500 mn within five years of launch.
The central bank’s fintech Hub will be inaugurated this quarter: The hub will be headquartered at the central bank in Downtown Cairo, and will serve as a center for the country’s fintech industry, bringing business leaders, entrepreneurs, regulators, financial institutions and investors together in one place. Both the fund and fintech hub are part of the CBE’s plans to increase fintech innovation in Egypt.