According to Ambassador Abu Bakr Hefny, Deputy Minister of Foreign Affairs and Emigration, the CBE is set to launch Africa’s first sovereign investment guarantee agency with a starting capital of $50 million.

Speaking at a regional workshop in Cairo on Monday, Hefny highlighted that the new agency is designed to strengthen investments and exports within Africa, offering much-needed security for investors.

The workshop was organized to ratify amendments to the Common Market for Eastern and Southern Africa (COMESA) Investment Agreement.

“This agency will be the first of its kind, dedicated to bolstering investor confidence by implementing internationally recognized investment guarantees,” Hefny said.

He added that the agency will offer a reliable framework for Egyptian companies operating within Africa, encouraging further trade and economic cooperation.

Hefny emphasized that regional integration and economic collaboration are crucial for fostering sustainable development among COMESA member states.

He urged African nations to seize this opportunity to promote trade, investment, and business partnerships that could lead to greater prosperity across the continent.

Hefny also spoke on the broader significance of investment, noting that it goes beyond capital flows. He described investment as the foundation of economic growth, creating jobs, reducing poverty, and driving innovation.

He further explained that the revised COMESA Investment Agreement reflects the region’s shared goal of achieving economic stability and growth.

He argued that cooperation among member states will unlock new opportunities and enhance their collective competitiveness in regional and global markets.

In light of ongoing global challenges, including post-pandemic recovery, climate change, and geopolitical tensions, Hefny stressed the importance of building a strong economic bloc.

Simplifying investment procedures, promoting transparency, and fostering trust among member states, he said, will attract more foreign direct investment and encourage joint ventures.

Twelve innovative startups vied for the top prize in the competition, which awarded Daba Finance US$50,000 for its pioneering investment platform.

Daba Finance’s platform simplifies access to trading stocks, bonds, and other financial products.

A panel of five industry experts judged the finalists, assessing the startups based on innovation, market potential, scalability, and team strength.

Daba Finance’s win was a testament to its goal of making investment opportunities accessible to all.

CEO BOUM III JR celebrated the victory, saying, “Winning this challenge propels our mission to make investing and wealth-building opportunities available for all. With Ecobank as our partner, we are accelerating the journey to making our innovation accessible to millions.”

In addition to Daba Finance’s victory, Melanin Kapital from Kenya secured second place and a prize of US$10,000, while Guinean fintech YMO took third place.

This year’s competition also included a “Public Choice Award,” which went to MiaPay from Togo, voted for by the general public.

The Ecobank Fintech Challenge 2024 attracted a record 1,550 entrants from 70 countries, highlighting its growing reputation as a leading platform for fintech innovation.

All finalists were inducted into the Ecobank Fintech Fellowship, giving them access to Ecobank’s Banking Sandbox for testing and developing their solutions, along with exposure to investors and industry leaders.

Jeremy Awori, Group CEO of Ecobank, expressed his admiration for the quality of the competition and congratulated Daba Finance on their well-deserved win.

“I am incredibly impressed by the standard of pitches from our finalists. Daba Finance stood out, and I am excited to see how our partnership will help them scale,” Awori remarked.

Ecobank’s Fintech Challenge, launched in 2017, has received over 7,000 applications from fintech innovators worldwide, with 72 startups so far joining the Ecobank Fintech Fellowship.