Egypt’s ITIDA & ‘Badaya Fund’ Ink Protocol to Invest in IT Enterprises

The Information Technology Industry Agency (ITIDA) has signed a cooperation protocol with the Investment Fund for the development of Small and Medium-Sized enterprises ‘Badaya’ in order to make the fund will invest in the capital of registered database for ICT enterprises.

The protocol will provide an opportunity for financing in all the companies operating in the ICT sector and registered in ITIDA’s database in ICT field so as to make the ratio of investment fund will not exceed around 25% from the total capital of Fund which reached EGP 134 million.

The protocol has identified a set of criteria to invest in these companies, firstly ,to invest in the emerging companies according to the Egyptian laws, Secondly, the allocation will not be more than 50% of the total capital of fund in the companies which its issued capital or its net asset value ranging between EGP 2 million to EGP 50 million, thirdly, the annual revenues should not exceed more that EGP 120 million.

The Agreement has required not exceeding what was invested in the IT enterprises which located in Egypt with 40% of the total amount of capital that allocating for ICT projects.