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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 EGP 1.2bn.

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

In this context, 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 sustainable economic growth.

Hisham Abd El-Rasoul, CEO of Raya Information Technology, expressed his pleasure in 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 distinguished reputation, which was recognized in Suez Canal Bank’s evaluation of Raya as one of the leading companies in the IT sector.

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