Egypt’s central bank plans to launch a 1 billion Egyptian pound ($55.7 million) innovation support fund by 2019, its governor Tarek Amer said on Sunday.

The fund will invest in innovative projects in Egypt, Amer said at the digital economy conference taking place in Abu Dhabi between December 16-17.

It will also provide interest-free loans to youth-led innovative projects, under the directives of Egyptian President Abdel Fattah al-Sisi, Amer added.

Fattah al-Sisi, Amer added.

Egypt has been working on developing the infrastructure of financial technology to attract and support creative ideas, besides financing small and medium enterprises (SMEs).