Raya Holding announced that it will invest EGP 100 million to establish a direct investment fund specifically for fintech, according to the Egyptian Stock Exchange.
Raya explained that the aim of investing in the new fund, which it is establishing in cooperation with a foreign direct investment fund management company, shows its commitment to fintechs. Additionally, it plans on investing in regional e-commerce, distribution and ed-tech startups.
The Board agreed to authorize the Chairman or Managing Director of the fund to individually carry out the necessary procedures to complete the planned investment. Thus authorizing the Managing Director to sign joint investment contracts, take all necessary legal measures, and act as its representative before the supervisory bodies and all governmental or non-governmental bodies to implement the investment process.