Cairo – Mubasher: A foreign investment fund will pump $20 million investments into Egyptian e-payment solutions startup Fawry, CEO Ashraf Sabry told Daily News Egypt.

The Egyptian e-payment firm will use this investment to finance its expansion plans which involve electronic transactions of EGP 25 billion by the end of 2017, Sabry highlighted.

He further noted that more branches will be inaugurated all over Egypt as a part of the foreign fund’s investment in Fawry.

This step came on the back of the Central Bank of Egypt’s (CBE) initiatives which aim to boost e-payments and money transfer via mobile phones.

The investment comes about a week before the upcoming startups mega event Riseup 2017, which will be held for three days in Cairo.