RIYADH: Fintech startups in Egypt have raised $167 million in the first half of 2022, according to a report published in Fintech Galaxy.
According to the report, the amount was collected in 31 transactions of which series A and B funding accounted for around 90 percent.
The growth of the fintech sector in Egypt is primarily driven by the Central Bank of Egypt’s Sandbox and the recent launch of Nclude Fintech fund, the report added.
Egypt to import 180,000 tons of wheat from India
The Egyptian government has successfully closed a deal to import 180,000 tons of wheat from India, Reuters reported citing Supply Minister Aly Moselhy.
The minister said that the contracted wheat will be shipped once it reaches the Indian ports.
Strategic reserves
Egypt has strategic reserves of wheat sufficient for 5.7 months, the supply minister said in a news conference on Sunday, adding that the country has procured 3.9 million tons of wheat in the local harvest so far.
Egypt is one of the world’s biggest wheat importers.
He added that the strategic reserves for sugar were sufficient for more than six months and those for vegetable oils are sufficient for 6.2 months, while the country is self-sufficient for rice for 3.3 months.
(With input from Reuters)