Finance

Egypt’s public banks launch $85mln funds in support to the fintech industry

Tuesday, 22 March 2022 12:22
Egypt’s public banks launch $85mln funds in support to the fintech industry

(Ecofin Agency) - The National Bank of Egypt, Banque du Caire, and Banque Misr announced this week they have launched a joint fund -NClude- to support the fintech industry in Egypt. The public banks say they seek to raise $85 million under this initiative, which has already received approval from the Central Bank (CBE).

NClude will be managed by Abu Dhabi-based Global Ventures. It will focus on fintech startups in the Middle East and Africa, an official statement revealed. Tarek Amer (pictured), CBE Governor, explained that this new initiative is spurred by President Abdel Fattah Al-Sisi’s directives to “support and sponsor innovative youth in the emerging financial technology fields and the technology sectors that feed them.”

“The CBE’s strategy for financial technology and innovation aims to create a supportive environment for the financial technology industry, as well as enable more innovative financial technology applications to provide and deliver banking and financial services to all segments of society more easily and at less cost,” he said.

The fund has received several commitments including $30 million from the National Bank of Egypt and $25 million from Banque du Caire. E-finance Investment Group Holding, a firm that has as strategic partners the three public banks, said it will invest $10 million in NClude:  33% of the amount will be available immediately and the remainder will be provided quarterly over the next 4 years.

NClude's portfolio already includes 4 companies, the most recent of which, Lucky- an Egyptian fintech that offers various financial facilitation services, has received a $25 million commitment. The fund expects to be fully invested within the next 5 years, with an average duration of 10 years in each investment.





 
Mining


 
Telecom


 
Public Management


ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

AGENCE ECOFIN
Mediamania Sarl
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11

EDITORIAL TEAM
redaction@agenceecofin.com

ADVERTISING SALES
Benjamin FLAUX
bf@agenceecofin.com
Tél: +41 22 301 96 11
Mob: +41 78 699 13 72

 

Please publish modules in offcanvas position.