(MENAFN- Daily News Egypt) Al Baraka Bank recently entered into a cooperation agreement with Raya Information Technology, a subsidiary of Raya Holding for Financial Investments. The agreement grants Raya a general credit line of up to EGP 550m (or its equivalent in foreign currencies), along with the associated yield. The signing ceremony took place between Hazem Hegazy, CEO and Vice Chairperson of Al Baraka Bank, and Hisham Abdul Rasoul, CEO of Raya Information Technology.

Hegazy emphasized that this collaboration reflects Al Baraka Bank's commitment to supporting innovative projects, representing a significant milestone in enhancing collaboration between the banking and technology sectors in Egypt. By providing Raya with a credit line, the bank aims to facilitate the company's expansion plans and enable it to explore new avenues for growth. This strategic move aligns with Al Baraka Bank's broader strategy to bolster economic development and advance digital transformation within Egypt.

Recognizing the pivotal role of technology in driving innovation and economic prosperity, Al Baraka Bank actively seeks partnerships with leading technology companies. By offering substantial financial support and fostering collaboration between the banking and technology sectors, the bank aims to stimulate the growth of tech-based enterprises, create job opportunities, and contribute to Egypt's overall economic advancement. The strategic partnership with Raya underscores the bank's unwavering commitment to nurturing innovation and promoting sustainable economic growth.

Abdul Rasoul, on his part, highlighted that this step is designed to accelerate Raya's operations and expansions in the market. The agreement reflects the financial strength of Raya Information Technology, as Al Baraka Bank evaluated the company as one of the leading firms in the technology sector. Amidst economic challenges faced by the Egyptian market, this partnership opens new horizons for growth and development, further contributing to digital and economic transformation in Egypt.

Abdul Rasoul concluded by expressing appreciation for their partnership with major market players in Egypt. With over 25 years of operation and leadership, Raya has earned the trust of its clients, solidifying its prominent position in the information technology sector.

MENAFN01072024000153011029ID1108396413