Federation of Banks Discusses Financing Obstacles Facing Tech-Companies At Cairo ICT

Federation of Egyptian Banks (FEB) is holding a meeting with a large number of information technology companies to discuss possible methods for avoiding financing obstacles, on the sidelines of the Cairo Information and Communications Technology (ICT) forum and fair which will be held on next 26-29 of April.

Mohamed Ashmawy, chairman of United Bank and Board member of FEB, said the Federation represented by small and medium enterprises (SMEs) committee plans to discuss the demands and requirements which technology companies need from banks and the funding obstacles. Banks are working on solving problems facing industrial development projects including technology projects.

Ashmawy stressed on the necessity of supporting SMEs as they play an important role in development. Asmawy also called on banking system in Egypt to adopt untraditional policies to boost Egypt’s economy and support small industries.

Egypt is directing more attention towards technology companies in the upcoming period, as this become an urgent necessity for development, Ashmawy expected.

Depiste being high-risk investments, banks are not reluctant in financing technology companies as long as they provide an acceptable feasibility study.

The meeting will be attended by Tarek Amer, chairman of National Bank of Egypt and head of FEB; Mohamed Barakat, chairman of Banque Misr and Board member of FEB; and leaders of technology companies and financial institutions.