A trio of Egyptian state banks led by Banque Misr has been granted the necessary approvals by the country’s central bank to invest in a new fintech sector-focused fund managed by Global Ventures. The other banks backing the fund are the National Bank of Egypt and Banque du Caire, who along with Banque Misr and eFinance Investment Group and Egyptian Banks Company, are investing $85 million in Nclude, the newly launched fund.
“Over the past few years, Egypt has made a quantum leap forward by becoming home to a vibrant entrepreneurial ecosystem with Fintech at its core,” said Eslam Darwish, a General Partner at Nclude. “Thanks to progressive government regulation, and an increasing partnership with financial institutions, fintech startups are playing a pivotal role in transforming Egypt into a financially inclusive economy via fintech innovation.”
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