ITIDA-Egypt in Talk with Global Lenders to Finance Future Projects

Information Technology Industry Development Agency (ITIDA) is negotiating with a numbers of international financial institutions in order to support and finance its future projects.

ITIDA reached the final phases of negotiations with several institutions including International Finance Corporation (IFC) , World Bank and European Investment Bank (EIB) for financing Agency, Ehab Mostafa, Executive VP for developing information technology markets and attract direct foreign investments at ITIDA revealed.

Mostafa quoted Amwal Al Ghad Arabic’s Website that ITIDA negotiates with these institutions to develop the industry within the upcoming phase, noting that the institutions enhance the role of information technology in developing the society and create job opportunities.

ITIDA restored to obtain financing the institutions due to its desire in verifying the finance sources especially in the light of the expansion of financing the firms operating in industry, Mostafa noted.

Moreover, he asserted that the volume of information technology industry reached around US$1.5billion in 2013, stressing that ITIDA eyes boosting the volume of industry to 100% within 3 years to become US$3 billion.