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.
