Governor of the Central Bank of Egypt (CBE) Tarek Amer said Sunday that Cairo plans to be a regional hub for capital investments and a gateway for investments in the financial technology industry at the Arab and African levels.
Egypt hosts a summit for venture capital investment in line with President Abdel Fattah El Sisi’s directives to provide an enabling environment for talented and innovative entrepreneurs, create new jobs, and adopt more innovative solutions based on financial technology to offer banking and financial services to society at an appropriate cost, Amer added in a speech at the conference read out by his deputy Ramy Abul Naga.
Venture capital investment in Egypt is progressing significantly thanks to the state’s efforts to empower talents and young entrepreneurs, Amer said.
The CBE succeeded in raising the financial inclusion rate to 56%, he added.
The startups have significantly grown in Egypt to reach about 600 technology companies by the end of 2021, while the financial technology sector has grown at a rapid pace to record about 150 startups and service providers, Amer said.
Source: State Information Service Egypt