Egypt to establish financial services and digital transformation investment fund

The Egyptian government approved a decree to establish an investment fund to help boost the non-banking financial services sector and promote digital transformation. The sub-fund, which will be affiliated to The Sovereign Fund of Egypt (TSFE), will support the Egypt 2030 vision for sustainable development. The Minister of Planning and Economic Development Hala El-Said highlighted that the fund will cover non-banking financial services, digital transformation, financial inclusion, insurance services and brokerage, real estate finance, commercial factoring, micro-finance, portfolio management, and financial investments. According to the decree, the fund’s capital stands at EGP30 million and its issued capital is EGP500 million.