Sawari Ventures to launch EGP 1 bn FinTech fund by year-end pending CBE approval

**#6 INVESTMENT WATCH- Sawari Ventures to launch EGP 1 bn fintech fund by year-end: Sawari Ventures will launch its EGP 1 bn fintech-focused venture capital fund by the end of this year or early next year, depending on the timing of approvals it needs from the central bank, Al Mal reported. Sawari Ventures was set to reach first close on the venture capital fund by the end of June. Partners in the the fund include the National Bank of Egypt (NBE), Banque du Caire, Banque Misr and the European Investment Bank, said Mohamed Ragaai, head of investment at Banque du Caire. Egypt’s investment and telecoms ministries are also considering making capital commitments to the fund, Ragaai added.