(Ecofin Agency) - For the next two years, Egyptian fintechs will receive the support of the International Finance Corporation-IFC.

A support programme was launched in that regard on April 8, 2019, in Cairo. The corporation will coach two fintech accelerators to improve their coaching, development and technical development skills with investment attraction as the end goal.

The support programme will be jointly implemented by Pride Capital/ Startup Bootcamp and AUC Venture Lab.

Rami El Dokany, managing director of Pride Capital, and Sherif Kamel, dean of AUC Business School, estimate that the programme will boost innovation in sectors like microfinance, private lending and consumer banking.  

“With the right support entrepreneurs can create much-needed jobs and develop technology that makes life better for people…This programme will help unlock the potential of young entrepreneurs and lay the foundation for an ecosystem that supports innovation in the financial services industry,” said Walid Labadi, IFC country manager in Egypt, Libya and Yemen.