CBE to launch innovation fund before 2019 end

The Central Bank of Egypt is set to launch fintech innovation fund before the end of the current year, Ayman Hussein Ayman Hussein said on the side lines Seamless North Africa 2019.

CBE committed up to 1 billion Egyptian pounds  towards the Innovation Fund-of-Funds along with major institutions focusing on FinTech investments, according to Tarek Amer, CBE governor.

Fund-of-Funds investment vehicle is established along with major institutions focusing on Technology & FinTech investments for the purpose of launching an independent investment catalyst vehicle promoting investments into VC funds focusing on Tech/FinTech sectors as well as capitalising on the expertise and strengths of partner institutions co-investing with CBE in creating a sustainable and independent investment platform mobilizing funding and expertise to support the growth of the eco-system.

The conference is  held under the auspices of Egyptian Prime Minister Moustafa Madbouli and it brings together different players, such as financial institutions, startups, and venture capital.

It is meant to assess new techniques and strategies to offer better services for citizens and consumers in the Arab world. Seamless North Africa is a conference organised by Terrapin and is under the patronage of the central bank of Egypt in partnership with the Arab Federation of e-commerce (AFEC) and the strategic partner is The Egyptian Banking Institute.