According to two people with knowledge of the matter who spoke to Asharq Business, HSBC Egypt intends to establish a fund valued at EGP 1.5 billion, or roughly $31.5 million, to invest in small and medium-sized businesses (SMEs) in Egypt that are involved in the fintech industry.
According to one source, EFG Holding will oversee the fund, and it is anticipated that the fund will debut in this year’s third quarter (Q3).
According to a banker, the Central Bank of Egypt (CBE) authorized the fund’s establishment. Among the financial institutions that have contributed to the new fund are the Suez Canal Bank.
