Two Major Banks mull Contribution to Egypt’s Tech Zone Company

The National Bank of Egypt (NBE) and Banque Misr consider injecting investments in a new company specialised in developing seven technological zones all over the country.

The two biggest banks in Egypt are studying a contribution to found a new company to manage and develop technological zones in the country, sources near from the talks told Amwal Al Ghad on Tuesday.

Egypt’s Ministry of Communications and Information Technology will start works to establish the new company early May, with capital estimated at 2.8 billion Egyptian pounds (US$367 million), the sources noted.

Egypt is set to develop seven technological zones, aiming to create 250.000 direct jobs in addition to indirect 750.000, and to record a volume of IT exports worth 8.4 billion pounds in 2020.