Egypt’s central bank says it will receive studies before the end of the month from Ernst & Young with the goal of launching an innovation support fund by 2019.
The studies will outline the investing mechanisms of the anticipated fund, said Ayman Hussein, Egyptian central bank’s sub governor during a conference in Abu Dhabi on Monday.
Central bank governor Tarek Amer said earlier on Sunday the country’s plans to launch a 1 billion Egyptian pound ($55.7 million) innovation support fund by 2019.
The fund will invest in innovative projects in Egypt, Amer announced at digital economy conference taking place in Abu Dhabi between December 16-17.
It will also provide interest-free loans to youth-led innovative projects, under the directives of Egyptian President Abdel Fattah al-Sisi, Amer added.
Egypt has been working on developing the infrastructure of financial technology to attract and support creative ideas, besides financing small and medium enterprises (SMEs).
