The Industrial Development Bank (IDB) has signed a credit facility agreement worth EGP 1.13bn with Raya Information Technology, a subsidiary of Raya Holding for Financial Investments. The financing will support Raya’s expansion in digital transformation initiatives and the development of advanced technological infrastructure within Egypt’s banking sector.
The agreement underscores IDB’s commitment to supporting innovation in the financial and technology sectors, while also reinforcing strategic partnerships aimed at modernizing Egypt’s digital economy.
The signing ceremony was attended by Hussein Refaie, CEO and Managing Director of IDB; Mennan Awadallah, Deputy CEO and Managing Director of IDB; Ahmed Khalil, Managing Director of Raya Holding; Hesham Abdel Rasoul, CEO of Raya Information Technology; and Hossam Hussein, Group CFO of Raya Holding, along with senior executives from both organizations.
This facility will finance projects that aim to enhance the digital capabilities of Egypt’s financial institutions, in line with global trends in cybersecurity, digital banking, and financial inclusion. The initiative supports Egypt’s Vision 2030 and broader national goals to build a sustainable digital economy.
Hussein Refaie emphasized that the financing aligns with IDB’s strategy of supporting leading national companies in their digital transformation journeys. He noted that the partnership reflects the bank’s focus on delivering innovative financing solutions and promoting financial technology that meets evolving market needs.
Mennan Awadallah highlighted that this marks the bank’s first transaction with Raya Information Technology. She praised the company’s longstanding impact on Egypt’s tech ecosystem, particularly in the financial and banking sectors. “This agreement opens the door to deeper collaboration and reinforces our commitment to building strategic, long-term partnerships with key players like Raya Holding,” she said.
Ahmed Khalil described the agreement as a significant step in Raya’s vision to accelerate digital transformation and expand financial inclusion. “This partnership with IDB goes beyond financing—it represents a shared commitment to shaping Egypt’s technological future,” he stated. “Raya Information Technology is not just a tech provider, but a strategic partner in building the infrastructure needed to support economic growth.”
Hesham Abdel Rasoul added that the collaboration marks a milestone for Raya, showcasing confidence in its technical and operational expertise. “This facility will enable us to scale our strategic projects and continue driving innovation in Egypt’s digital infrastructure,” he said. He also expressed optimism about the long-term potential of the partnership with IDB, noting its role in fostering innovation and supporting the national economy.
