The Egyptian banking sector enjoys huge liquidity, exceeding EGP four trillion, and is ready to pump it into different projects, especially startups, Governor of the Central Bank of Egypt (CBE) Tarek Amer said Wednesday.

Amer’s remarks came during a press conference to officially launch the first competition for startups in Egypt. Communications Minister Amr Talaat and France’s Ambassador to Egypt Stéphane Romatet were present during the event.

The competition, whose prizes amount to EGP 450,000, aims to give the opportunity for Egyptian startups to achieve development in the fields of health, sustainable cities and digital transformation, among others.

Encouraging the startups and entrepreneurs could spur the economy and create more jobs for the youths, the CBE governor said.

CBE embraces the innovative ideas for startups using the state of the art technologies, Amer said, adding that technology has turned to an integral part in banking operations and could make a profound shift in banking activities.

The French participation in the competition and the Egyptian economy in general proves the close cooperation between the two countries, he noted.

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