Banque Misr will act as an anchor investor in the programme, with National Bank of Egypt and Banque du Caire as strategic investors.
eFinance Investment Group, a state-controlled payments firm, and Egyptian Banks, a payments operator led by the central bank, will also participate. The fund, called Nclude by Global Ventures, hopes to attract additional participation from regional and international investors.
The fund has already made preliminary investments in four companies. These are Khazna, a financial app that provides products to underserved consumers; Lucky, which offers instalments, cashback rewards, and credit to consumers; Mozare3, which provides small farmers with input financing, markets, and technical support; and Paymob, a digital payment provider.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now