Egypt's sugar plant, the biggest in the world, to produce 900,000 tons    Egypt's unemployment rate drops to 7.2%    Egypt's exports of food industries increase 5% in Q1    Egypt-first to have new climate targets ahead of UN summit    Egypt uncovers official logo for COP27    Ukrainian people say goodbye to Leonid Kravchuk – first elected president    Noura Al-Mutair – first Gulf female boxer in World Championships    Egypt unveils 50 pound coin minted to mark Avenue of Sphinxes grand reopening    Canada's Robert Oliphant starts Egypt, Morocco visit today    Liverpool fans: "You'll Never Walk Alone" to Cristiano Ronaldo    Hot, rainy weather hits Egypt this week    COVID-19 in Egypt: infections fall to 124 cases last week    Realme announces Global Photography Contest 2022    Egypt to play key role in integrating water, climate issues globally – World Bank official    AstraZeneca to boost Egypt investment 50% in three years    Egypt's telecoms regulator announces working hours for holy month of Ramadan    Maha karara joins AAIB as Head of Corporate Communications, Sustainability    Egypt works on charting cooperation strategies with international institutions for 5 years: Al-Mashat    Over 2.4 million newborns examined for hearing impairment: Health Ministry    Netflix releases trailer of Arab adaption of 'Perfect Strangers' film    Balqees to headline concert celebrating launch of streaming giant LIVENow in MENA    Sawsan Badr to be honoured at Aswan Women Film Festival    MP Abdel Hady Al-Qasby calls government to facilitate and support NGOs    Al-Sisi follows up on 'Great Transfiguration Project' in St. Catherine    Cairo, London stress need to strengthen cooperation to face climate change    Foreigners account for 22.6% of Egypt's T-bills issuances in 1H 2021: CBE    Egypt's ambassador to Italy passes away    Egypt confirms readiness to help African countries face terrorism and extremism    An estimated 235 million people needed humanitarian assistance and protection in 2021, an increase of 40% compared to 2020: IOM Egypt    Egypt, DRC discuss water cooperation during WYF    Egypt, DR Congo discuss boosting bilateral cooperation during WYF    Cameroonian police probe assault on three Algerian journalists covering AFCON    Pharaohs start AFCON 2021 campaign with fierce clash against Nigeria    Foreign Ministry opens capacity building course for French-speaking African diplomats    Egypt's trade with Nile basin countries climbs 26% y-o-y in 9 months    Ethiopia halts work at its embassy in Egypt for 'economic reasons'    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



ITIDA launches programme for development of CIT sector SMEs
The programme provides new finance mechanisms in collaboration with the banking sector at interest rates of 5-7%
Published in Daily News Egypt on 05 - 04 - 2017

The Information Technology Industry Development Agency (ITIDA) announced its integrated programme for the development of small and medium-sized enterprises (SMEs), especially in the field of software design and electronics manufacturing.
This comes within the framework of ITIDA's role of raising the efficiency of the Egyptian companies operating in the communication and information technology (CIT) sector.
The programme aims to help SMEs develop their plans and projects and increase the level of their operational efficiency and sustainability in a way that enhances their competitiveness in the local and global markets.
The programme offers a comprehensive package of technical assistance and development for the work of the Egyptian companies to be in compliance with the international standards, including providing means of financing to help companies overcome financial barriers.
This will happen through the comprehensive evaluation of advanced companies and directing them to maximise the benefit from the support programmes and various initiatives submitted by the agency, whether technical, financial, or advisory support, or support for skill and business development.
ITIDA will conduct a comprehensive assessment of the advanced companies in collaboration with civil society organisations, and it will also assist in conducting feasibility studies and business plans and projects through reviewing the technical, economic, and legal elements.
The programme also provides models that enable companies to transform intangible assets into financial values, in addition to formulating their business plans in accordance with the requirements and mechanisms followed in banks, and facilitate obtaining credit facilities and financing packages at interest rates ranging from 5% to 7% through the banking sector, which will be specified according to the size of the company, and their accredited classification by the Central Bank of Egypt (CBE) at a maximum of EGP 3m.
Asmaa Hosny, CEO at ITIDA, said that the launch of the programme comes within the state's and ITIDA's interest in the growth of SMEs, which represent the Egyptian economy and industry, especially the companies operating in the field of software technology, value-added services, and electronics design and manufacture, which directly contributes to the development of the performance of the CIT sector at the current stage—which is considered a fundamental pillar of a comprehensive development on the state level.
The programme consists of four phases, starting with the preparatory phase, which includes selection in accordance with the approved criteria for the programme announced by ITIDA on its website. Then, the evaluation phase takes place, which includes an analysis of accredited companies, entailing the development of the implementation and consultation plan and determining a team to follow up with the company, the schedule, and the main performance indicators.
The third phase of the programme includes preparing an information file for the company, which contains the company's action plan, as well as auditing the financial capacity of the company and creating a financial plan, in addition to evaluating the intellectual property assets of software companies and preparing the credit file in case of the need to obtain funding through financial and banking institutions.
Through the follow-up phase, companies will be communicated with in order to follow up on the implementation of the project's plan. The final accreditation phase includes the company's assessment, setting recommendations, and the final report.


Clic here to read the story from its source.