Egypt launches innovation fund worth LE 1B

CAIRO – 7 February 2018: Governor of the Central Bank of Egypt (CBE) Tarek Amer said that the launching of LE 1 billion fund will support innovation, according to his speech at the second day of the Financial Technology (FinTech) conference "Seamless North Africa".

According to the conference agenda, Tarek Amer’s speech is titled ‘Transforming Egypt into the upcoming international innovative hub and the future of FinTech in Egypt’.

Egypt hosts the “Seamless North Africa FinTech” conference between February 6 and 7, 2018.

At the first day of the conference, Governor of the Central Bank of Egypt (CBE) Tarek Amer said that more than $100 billion have been pumped into the Egyptian economy since the flotation of the pound in November 2016.

He said that the CBE has been adopting an expansionary approach in terms of its monetary policies. This is done through reducing interest rates and controlling inflation, he added.

Amer further said that the conference aims to support entrepreneurs and to expand modern and financial technologies and that Egypt is considering the idea of establishing digital banks.

He said that the CBE and the government are working on developing the infrastructure of financial technology to attract and support creative ideas, besides financing small and medium enterprises (SMEs).