ITIDA & NBE Launch 3 Credit Programs To Finance IT Firms

The National Bank of Egypt (NBE) and Information Technology Industry Development Agency (ITIDA) have ended from designing and launching 3 new credit programs to support Information and Communication Technology (ICT)’s projects.

The new credit services, which have been designed by NBE, provide various finance opportunities for small and medium-sized enterprises (SME)s, operating in ICT including training, investments, call center, software, and supply and maintenance devices and registered in the ITIDA’s database which includes 1750 firms, throughout the bank’s branches spread in all governorates.

NBE provides three main financial services such as ‘investment finance service’ including financing finishings and equipments as well as initial capital requires to start the projects. The second service is the withdrawal limit of debit current account which enables companies get capital finance services and the necessary operating costs for the continuation of operations such as production inputs, wages, salaries and other costs.

The last service finances the procurement process which is a dedicated service for suppliers and service providers including financing finishings, equipments and tools  as well as financing the operating capital, operations assigned to customers, direct payment to the local suppliers, taxes, insurance and the general administrative expenses, the primary issuance of guarantee letters and final payments for agencies, public sector companies, banks , multinational firms and the private sectors companies.