MIDBANK extends EGP 1bn credit facilities to Raya Information Technology
This financing falls within the framework of MIDBANK's strategic commitment to playing a pivotal role in driving economic growth and empowering leading entities in the Egyptian market, particularly those active in technology and digital transformation. The bank seeks to offer innovative and flexible financing solutions that respond to evolving market needs, support the development of digital infrastructure in priority sectors, and enhance the efficiency and competitiveness of the national economy at both regional and global levels. This approach also contributes to attracting further strategic investments to Egypt.
MIDBANK's CEO and Managing Director Amr El Garhy said: 'This cooperation with Raya Information Technology falls under MIDBANK's strategy of supporting leading economic entities and enabling them to expand and achieve sustainable growth. We believe that providing innovative financing solutions plays a central role in improving the business climate and stimulating investment, in line with state efforts to drive economic growth. Our focus on supporting IT and digital transformation companies, such as Raya Information Technology, stems from their vital role in building digital infrastructure and boosting the competitiveness of the national economy.'
Eman Abou Zeid, Head of the Credit Sector at MIDBANK, underlined the bank's commitment to building financing partnerships based on precise and reliable assessments of client needs. She stressed that MIDBANK ensures the provision of flexible and secure credit solutions tailored to support clients' business objectives. 'These facilities for Raya Information Technology reflect our confidence in its solid financial position and proven ability to execute successful expansion projects that contribute to the strength of the local economy,' she said.
Raya Information Technology CEO Hisham Abdel Rasoul expressed his pride in the constructive partnership with MIDBANK, noting that this cooperation reflects the confidence of one of Egypt's leading banking institutions in Raya IT's capabilities and growth prospects. 'These credit facilities represent a strong boost to our expansion plans and will enable us to implement strategic projects that advance Egypt's digital transformation efforts,' he stated. Abdel Rasoul added that the funding will also allow the company to deliver more advanced technological solutions to clients across multiple sectors.
He concluded: 'We look forward to continuing this strategic partnership with MIDBANK, given its positive impact on fostering innovation and contributing to the overall strength of the national economy.'
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