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1.2 Billion EGP Cooperation Protocol Between Suez Canal Bank and Raya Information Technology to Support Expansion Plans

1.2 Billion EGP Cooperation Protocol Between Suez Canal Bank and Raya Information Technology to Support Expansion Plans

Suez Canal Bank has signed a cooperation protocol with Raya Information Technology, a subsidiary of Raya Holding for Financial Investments, under which Raya Information Technology will receive credit facilities amounting to 1.2 billion EGP.

This cooperation comes as part of Suez Canal Bank's efforts to support Egypt’s technology sector and deepen its commercial partnerships, opening new horizons for future collaborations with strategic partners through providing credit facilities that enable them to expand their business operations and achieve their strategic goals.

The signing ceremony was attended by Mr. Akef El Maghraby, CEO and Managing Director of Suez Canal Bank, Mr. Shehab Zidan, Deputy CEO and MD, Mr. Al Haytham El Kobbrosly, Head of Corporate & Investment Banking at Suez Canal Bank, Engineer Hisham Abd El Rasoul, CEO of Raya Information Technology, Mr. Hossam Hussein, CFO of Raya Holding for Financial Investments, as well as delegations from both sides.

In this context, Mr. Akef El Maghraby, CEO and Managing Director of Suez Canal Bank, stated that this protocol represents a first step toward discovering more new opportunities for cooperation between Suez Canal Bank and Raya Group. He emphasized the bank's commitment to providing financing solutions that cater to the needs of institutions and support their growth plans, which in turn contributes to driving sustainable economic growth.

From his side, Engineer Hisham Abd El Rasoul, CEO of Raya Information Technology, expressed his pleasure with signing the cooperation agreement with Suez Canal Bank, indicating that this collaboration marks a progressive step for Raya Information Technology to advance its presence and expand its business in the Egyptian market. He affirmed that this agreement reflects the strength of the company’s financial position and its distinguished reputation, which was clearly recognized in Suez Canal Bank's evaluation of Raya as one of the leading companies in the IT sector.

Mr. Abd El Rasoul added, "This agreement does not only support of our market position but it also serves the broader vision to drive the digital and economic transformation in Egypt, where Raya continues to work diligently to be at the forefront of this transformation." He continued by saying that the cooperation with Suez Canal Bank is a significant step for Raya amidst the current economic challenges, opening wide opportunities for growth and innovation.

Abd El Rasoul also emphasized, "This agreement adds to our extended track record of collaborations that we established over the past 25 years in the Egyptian market. These collaborations have helped the company to earn the trust of its clients and solidify its position as a leader in the IT sector".

Commenting on the agreement, Hossam Hussein, CFO of Raya Holding for Financial Investments, added: "This collaboration with the Suez Canal Bank is a vital step in supporting our expansion plans and providing the necessary liquidity for our strategic projects. These credit facilities reflect the strong trust that financial institutions have in Raya's ability to achieve sustainable growth and seize promising opportunities in the information technology sector, contributing to strengthening our position in the Egyptian market and expanding our business scope.

About Raya Information Technology: Raya Information Technology, a subsidiary of Raya Holding, was established in 1998 to lead the field of ICT and provide practical technology solutions for companies across various sectors in the Egyptian market, facilitating their business operations, increasing productivity, and improving process management effectively.

Raya Information Technology has successfully delivered large-scale projects for many leading companies across diverse sectors, including telecommunications, financial services, government, real estate, general trade, and the oil and gas industry.

About Suez Canal Bank: Established in 1978 as an Egyptian joint-stock company, Suez Canal Bank offers a diverse and comprehensive range of banking products and financial services to corporate and individual clients, including Sharia-compliant banking services, through its 52 branches across Egypt, in addition to an extensive network of ATMs throughout the country.

The bank adopts top strategies to enhance its position in the banking sector, thereby contributing to maximizing value for its shareholders and clients.