HSBC has launched a $53.4-million fund for tech entrepreneurs seeking international investments and operating in areas panning fintech, e-commerce, retail and mobility, health, education and software.
The bank said in a press release relayed by Arab Finance that it will give priority to companies with sustainable development integrated in their plans, in recognition of the UN Climate Change Conference (COP-27), which is set to be organized in Sharm El-Sheikh in November.
It will also pay much attention to companies with differentiated B2B business models, revenue traction, and funding from credible investors.
“Egypt is home to some of the brightest entrepreneurs in the region. The exponential growth of venture capital funding in this market reflects the quality of local talent and the scale of the opportunity, which is why we have developed a dedicated lending initiative for technology entrepreneurs,” Chairman and CEO of HSBC Egypt Todd Wilcox said.
Created in 1982, HSBC Egypt is a multinational bank providing a wide range of banking and related financial services through a network of 100 branches and 20 mini bank units in Cairo, Alexandria, Sharm El Sheikh, Hurghada, Borg El Arab, and 6th of October City.