Visa Inc. to inject largest investments outside US in Egypt

CAIRO – 21 May 2017: Visa Inc. will inject its largest investments outside the U.S. in Egypt, as the company will cooperate with various sectors in the Egyptian market, Minister of Communications and Information Technology Yasser al-Qadi told Egypt Today.

The move is deemed a strategic step towards the development of Cairo's financial inclusion services, the minister said, noting that the U.S.-based company is set to establish the biggest e-payment center in Egypt.

Qadi, however, gave no further details about the amount of investments Visa is going to pump.

The minister of communications signed on Tuesday a memorandum of understanding (MoU) with Visa Inc. President Ryan McInerney in the presence of Prime Minister Sherif Ismail.

The MoU touched on developing the technological infrastructure of the banking sector as well as activating the digital economy in Egypt.

McInerney said his company is committed to cooperating with the Egyptian government in order to help it achieve its goals, which includes providing subsidies for citizens via digital cards.