NBE, United Bank Grant Credit Facilities for 8 ICT Enterprises with EGP20mln

The National Bank of Egypt (NBE) and the United Bank approved to grant credit facilities with EGP20 million by the end of November, the first batch of facilities provided for 8 companies operating in ICT field, registering the databases  of Information Technology Industry Agency (ITIDA) in order to provide the necessary funding of its projects.

This came in the framework of two agreements signed with NBE and United bank in the last of October and November worth EGP300 million over three years, so as to urge the banking and financial institutions to provide more various funding for the companies operating in ICT field.

After signing the agreement, the NBE and United bank have launched 3 credit facilities lines in cooperation with ITIDA to support and provide ICT projects.

Eng. Yasser ElKady, CEO of ITIDA has pointed out that the credit facilities which obtained by the ICT companies from NBE and united bank till now will reflect a radical shift in the relationship between financial and banking institutions and companies working in the ICT field, this is as result of the efforts made by the team work of ITIDA since the cooperation agreement with the two banks signed.

He hoped that the obvious improvement regarding this relationship will contribute to ink more agreements with the banks and the various funding parties so as to pump different investments.