CBE, ITIDA, EBI sign co­op­er­a­tion pro­to­col to sup­port IT sec­tor com­pa­nies

The Daily News Egypt - - Business - By Hos­sam Mounir

The Cen­tral Bank of Egypt (CBE) signed a co­op­er­a­tion pro­to­col with the In­for­ma­tion Tech­nol­ogy In­dus­try Devel­op­ment Author­ity (ITIDA) in part­ner­ship with the Egyp­tian Bank­ing In­sti­tute (EBI) to fa­cil­i­tate the pro­ce­dures for tech­nol­ogy com­pa­nies reg­is­tered in ITIDA’s data­base on bank fi­nanc­ing.

The pro­to­col also aims to qual­ify these com­pa­nies to man­age their own projects and how to deal with banks with pri­or­ity given to new con­struc­tion com­pa­nies and small and medium en­ter­prises (SMEs).

Deputy CBE Gover­nor for Mone­tary Sta­bil­ity, Lobna He­lal, said the pur­pose of this pro­to­col is to in­crease the con­tri­bu­tion of the ICT sec­tor in the na­tional econ­omy and over­come the ob­sta­cles and dif­fi­cul­ties faced by banks in fi­nanc­ing tech­no­log­i­cal projects.

She added that this co­op­er­a­tion also strength­ens the ini­tia­tive of the CBE for SMEs and in­creases the growth op­por­tu­ni­ties for this vi­tal sec­tor.

ITIDA CEO As­maa Hosni said that ITIDA will in turn nom­i­nate tech­nol­ogy com­pa­nies that are el­i­gi­ble for fi­nanc­ing from banks through the tech­ni­cal eval­u­a­tion of the projects and en­sure the sus­tain­abil­ity of these projects for im­ple­men­ta­tion and mar­ket­ing and present their eco­nomic fea­si­bil­ity and help them in the prepa­ra­tion of their files and meet­ing the re­quire­ments for fund­ing.

She added that this pro­to­col aims to de­velop small com­pa­nies by in­te­grat­ing them into all pro­grammes of­fered by ITIDA.

EBI’s ex­ec­u­tive di­rec­tor, Abd Al Aziz Nos­seir, said the in­sti­tute is com­mit­ted to pro­vid­ing an in­te­grated pack­age of spe­cialised train­ing pro­grammes for SMEs re­spon­si­ble for the as­sess­ment and fi­nanc­ing of tech­nol­ogy com­pa­nies, in ad­di­tion to pro­vid­ing ed­u­ca­tional cour­ses for en­trepreneurs on fi­nan­cial ed­u­ca­tion and en­trepreneur­ship, in ad­di­tion to hold­ing joint work­shops where en­trepreneurs can meet and dis­cuss with banks and ITIDA.

Deputy CBE Gover­nor for Mone­tary Sta­bil­ity, Lobna He­lal

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