In a press release statement, the Commercial International Bank (CIB), announced their establishment of a Corporate Venture Capital firm in Egypt that mainly focuses on investing in FinTech startups and financial services platforms. The establishment of CVentures highlight CIB’s deep commitment towards the ever-growing Egyptian financial services industry, as it believes that FinTech is one of the key players of Egypt’s economic growth and financial inclusion.
CIB’s CEO and CVentures Chairman, Hussein Abaza, stated: “As demonstrated through our active engagement and sponsorship initiatives over the course of the past couple of years, CIB has always had a clear vision towards the importance of entrepreneurship. The establishment of CVentures is a continuation of such vision; evidence of CIB’s profound commitment towards supporting the development of the Egyptian financial sector. Focusing on FinTech comes at a very exciting time for the Egyptian economy where all stakeholders are encouraged to support the government’s strategic direction towards financial inclusion.”
According to CIB’s statement, CVentures will be participating in Series A and B investment rounds in Egypt, the Middle East, Africa and other cross-border market economies. CVentures will selectively invest in seed rounds that will “combine the speed and agility of an independent investor with the breadth of CIB’s businesses.”
