Board of Directors of the Information Technology Industry Development (ITIDA) has agreed to a package of measures to help companies operating in the ICT sector. The new steps from ITIDA, headed by Dr. Maged Osman, Minister of Communications and Information Technology, include providing loans of about 150 million Egyptian pounds at 6 per cent interest to companies operating in the sector, with ITIDA paying half of each loan. “All companies are invited to apply for these loans, including joint stock companies, which could extend their capital to a million pounds," said Yasser El Kady, executive chairman of the Information Technology Industry Development, in an emailed statement obtained by Ahram Online today. The Board agreed to support the participation of all Egyptian companies operating in the sector at the Cairo International Fair for communications and information technology, Cairo ICT 2011. The measures confirmed by ITIDA Council also include allowing export companies to join the second phase of the program of export subsidies, budgeted at LE45 million. Subsidies would be up to 10 per cent of the value of exports. “ITIDA is keen to listen to the demands of companies, to consider them with great attention and to involve companies in the formulation of proposals to strengthen the status of the information technology industry,” Yasser El Kady said. “The current bad situation requires the concerted efforts of all to advance the development and upgrading of the industry in all its sectors,” he added.
