Sarhan said the financial institution aims to utilize this capital increase for making several investments, some of which are to be used for infrastructure. (Supplied)

RIYADH, Broadcasting News Corporation : Egyptian payments firm eFinance has witnessed more than 50 percent growth in its business during the first fiscal year of listing, Chairman of the Board and CEO of the firm Ibrahum Sarhan said in an interview with CNBC Arabia. He attributed the company’s profits and business growth mainly to investments in emerging firms. Sarhan said the financial institution aims to utilize this capital increase for making several investments, some of which are to be used for infrastructure. He said the banking, non-banking finance, and multiple other projects will be disclosed before year-end as eFinance aims to further expand its portfolio of services. This comes after the Public Investment Fund-backed Saudi-Egyptian Investment Co. acquired a minority stake in the firm earlier this year. NEWS COLLECTED FROM ARAB NEWS.