Agency (Ecofin) – Commercial International Bank (CIB), listed on the egyptian stock exchange, announces the creation of a venture capital company, Cventures, which will invest primarily in technology companies which develop financial solutions.
“The creation of CVentures testament to the commitment of the Bank to the financial services sector in Egypt, largely untapped. We intend to leverage this platform to support innovative entrepreneurs in fast moving and have in-depth knowledge of the market , “says the bank in a press release.
Outside of the egyptian market, the new entity will invest in the Middle East and in economies across the border. On its official website, Cventures does not specify the funding tranches that it expects to inject in Fintech. The firm indicates that it will devote particular attention to the ” dynamic teams, and forward-thinking, with a thorough knowledge of the market and an appetite insatiable for growth “.
According to Emad Fouad and Shady Tadross, responsible for the management of Cventures, the firm will support ” companies that are truly innovative with distinct characteristics and business models disruptive “.