The Central Bank of Egypt is planning to launch a fintech fund in the bracket of $50 million to $100 million next year. As a part of its digitisation push, the government also announced that it will develop seven technological parks in different universities across Egypt at a total cost of $60.8 million.

According to Minister of Communications and Information Technology, Amr Talaat, the ministry will finance the development of these parks. He also revealed that his ministry will contribute to the fintech fund launched by the Central Bank of Egypt.

Besides investing in fintech, earlier this year, the Central Bank of Egypt established an Innovative Financial Technology Applications Lab and a Financial Technology Unit.

Earlier this year, it was reported that the Central Bank of Egypt will oversee the establishment of an innovation support fund for emerging Egyptian fintech startups as a part of its goal to transform Egypt into a regional centre for electronic financial services.

In April, Venture Capital fund Pride Capital has partnered with Startupbootcamp and initiated the Startupbootcamp-Pride Fintech Cairo programme. Through this programme, Pride Capital aims to help grow a total of 40 fintech startup in Egypt.

Central Bank of Egypt Sub Governor for Payment Systems and Information Technology, Ayman Hussein, earlier announced a cybersecurity centre for the banking sector to be established by the end of 2019.

Egypt’s information and communication technology sector recorded 16 percent growth in fiscal year 2018-19 and the sector contributes 3.2 percent of the country’s GDP. The government plans to increase its investment in the information and communication technology sector to increase its contribution to Egypt’s GDP.