Commercial International Bank, the biggest private bank of Egypt, that is commonly known as CIB, has announced the establishment of CVentures, a corporate venture capital firm to invest in FinTech startups in Middle East & Africa.
“CVentures establishment reflects CIB’s deep and continued commitment towards Egypt’s largely untapped financial services industry, and the importance of FinTech as one of the key drivers of Financial Inclusion, and the country’s future economic growth prospects, at large,” said the bank in the statement.
The firm according to the statement will make investments in Series A and Series B rounds in Egypt, Middle East, Africa and ‘other highly regarded cross-border market economies. CVentures will also consider making seed investment across similar markets.
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Emad Fouad, CVentures Managing Director, commenting on the occasion, said, “We are very excited about CVentures as it fills a gap in the ecosystem, and brings a much-needed focus and institutional support to the early-stage FinTech spectrum”
“As an integral part of our operating model, we intend on leveraging CIB’s platform to support and accelerate fast moving, forward thinking entrepreneurs with deep market insights, whilst focusing on fostering key strategic local and cross-border relationships to develop accelerated collaboration models and meaningful partnerships” he added.
Hussein Abaza, CIB CEO and CVentures, said, “The establishment of CVentures is evidence of CIB’s profound commitment towards supporting the development of the Egyptian Financial Sector. It 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.
Ashraf Shash, CIB’s Head of Direct Investment Group and CVentures Vice Chairman, added “CIB’s establishment of CVentures is in line with international common practice amongst major banks, where the adoption of win-win collaboration models with startup communities has ultimately served customers better. We expect CVentures to add considerable value to portfolio companies, venture partners and the VC community in Egypt and the region.”