NBE, ITIDA Signed EGP 150 Mln Deal For Financing Small IT Firms

The Information Technology Industry Development Agency (ITIDA) signed a cooperation agreement with the National Bank of Egypt (NBE) to offer EGP 150 million finance for small and medium-sized information technology companies. Under the agreement, the companies shall be listed in ITIDA’s database to receive the finance.

NBE will finance small and medium-sized information technology and communication companies as well as help small companies to merge with bigger entities through financing the merger process. NBE will also cooperate in holding training courses and workshops to encourage banking institutions to expand in offering financial and non-financial services to small and medium-sized IT and communications companies.

Under the agreement, ITIDA will receive requests from the companies asking for the finance and inform the bank with the most competitive companies to receive such finance. NBE will also hold combined meetings with the companies to inform them with the available banking services. Companies will be financed according to the laws and regulations of ITIDA.

NBE is complied to provide the financial requirements of IT and communications companies registered on ITIDA’s database. The bank will finance the companies with EGP 50 million annually over a period of three years with a flat interest rate of 5.5%.