NIB Mulls Investing in a New Egyptian ICT Company’s EGP3.5bn Capital

Big 5

The National Investment Bank is studying to invest in a holding company for managing technological zones, which will be established by the Egyptian ICT Ministry.

The Egyptian Information and Communication Technology (ICT) Ministry is planning to establish a holding company designated for managing technological zones, with an estimated paid-up capital of 3.5 billion Egyptian pounds (US$489.5 million).

Speaking to Amwal Al Ghad on Tuesday, Momtaz al-Saeed – the ex-finance minister and board member at NIB – said the ICT ministry offered the bank to invest in the new holding company’s capital.

NIB is still studying the ministry’s offer as well as the economic feasibility of investing in the new company before making any decision and determining the bank’s stake, al-Saeed noted.

On Monday, a source from ICT Ministry told Amwal Al Ghad that the Ministry alongside Information Technology Industry Development Agency (ITIDA) and the National Telecom Regulatory Authority (NTRA) plan to launch a holding company to manage seven new technological zones. The source expected that the new company will start its activities before the end of the current year.

The seven new technological zones will be built through the PPP system, in Technology Valley of Ismailia, Borg Al-Arab, Al-Sadat City, Damietta, Sohag, 10th of Ramadan area, and Aswan.