The Central Bank of Egypt (CBE) approved Thursday the appointment of Development Partners International (DPI) as the new manager of the Nclude FinTech Fund, as part of a broader push to attract foreign investment and scale Egypt's financial technology ecosystem. The move supports efforts to expand Nclude into the region's largest FinTech-focused investment platform, with a capital target of $150 million. Launched with backing from leading Egyptian banks and institutional investors, Nclude has helped channel significant foreign capital into local startups. For every $1 invested by the fund, an additional $5 in foreign investment has been drawn into the same ventures, according to the CBE. "The participation of Egyptian banks in the Nclude Fund reflects the banking sector's strong commitment to investing in emerging FinTech trends and keeping pace with global trends in these promising sectors, especially by fostering a supportive environment for FinTech entrepreneurs to launch their solutions in Egypt, contributing to achieve targeted financial inclusion rates." CBE Deputy Governor Rami Aboul Naga said. The fund forms a core pillar of the CBE's FinTech and Innovation Strategy, which aims to expand access to funding, support talent development, and scale investment in FinTech and FinTech-enabled startups operating in the Egyptian market. Attribution: Amwal Al Ghad English Subediting: Y.Yasser
