Mohamed Farid, Chairperson of the Egyptian Exchange (EGX), met with the leaders of Egypt Ventures, the first venture capital company with government investments, Fatura, and Paynas, to discuss growth opportunities and increase their business through EGX.
He said that the meeting came within the framework of EGX keenness on providing all aspects of support and assistance to the business community, especially startups that provide solutions using information technology to bridge gaps in many economic activities. The meeting reviewed the extent to which it can help startups grow and expand through stock exchanges.
The meeting was attended by a number of leaders of EGX and officials. They discussed the best cooperation and integration means to maximize businesses.
For his part, Ahmed Gomaa, Chairperson of Egypt Ventures, whose company owns stakes in Fatura and Paynas, said that his company aims to invest in technology companies and technology-backed companies. He said, “We are pleased to cooperate with EGX to discuss supporting startups, especially in the field of information technology. We expect more successes for this leading sector.”
In the same context, Hossam Ali, CEO of Fatura, a digital platform to connect wholesalers and manufacturers with retailers in various fields, said that his platform currently includes more than 50,000 retailers, expanding to include 21 Egyptian governorates. “We are pleased with the existence of effective communication channels between startups and EGX. We hope to see real amendments that can facilitate the listing of startups,” he said.
Mohamed Mounir, CEO of Paynas, said: “We are witnessing unprecedented support from all institutions and stakeholders, and a real commitment to support Paynas’ goals to expand the base of financial inclusion. We are also seeing EGX’s support to Paynas and the rest of the startups with the aim of growing and increasing their business, which contributes to revitalizing the money market”.
“These are crucial times in the financial sector in Egypt. Moreover, we are proud to be part of these positive developments,” he added.