Al Baraka Bank to provide Raya IT with up to $11.4mln credit facility

$Egyptian pound banknotes sit on a table on March 6, 2024 in Cairo, after Egypt\\'s central bank announced it will allow the exchange rate to be set by the market. Egypt\\'s central bank announced on March 6 it will allow the exchange rate to be set by the market, causing the pound to lose more than a third of its value within minutes. Shortly after 12:00 pm (1000 GMT), the Egyptian pound was trading at a record high of 49.15 pounds to the US dollar, after more than a year of a stabilised official exchange rate of around 30.9. (Photo by Khaled DESOUKI / AFP) , Agence France-Presse (AFP)/AFP$

Egyptian pound banknotes sit on a table on March 6, 2024 in Cairo, after Egypt's central bank announced it will allow the exchange rate to be set by the market. Egypt's central bank announced on March 6 it will allow the exchange rate to be set by the market, causing the pound to lose more than a third of its value within minutes. Shortly after 12:00 pm (1000 GMT), the Egyptian pound was trading at a record high of 49.15 pounds to the US dollar, after more than a year of a stabilised official exchange rate of around 30.9. (Photo by Khaled DESOUKI / AFP)
Agence France-Presse (AFP)/AFP

Via this agreement, Al Baraka Bank aims to promote the company’s expansion plans and enable it to explore new avenues for growth, the bank’s CEO Hazem Hegazy pointed out

Staff Writer, Arab Finance

July 1, 2024

PHOTO
Egyptian pound banknotes sit on a table on March 6, 2024 in Cairo, after Egypt's central bank announced it will allow the exchange rate to be set by the market. Egypt's central bank announced on March 6 it will allow the exchange rate to be set by the market, causing the pound to lose more than a third of its value within minutes. Shortly after 12:00 pm (1000 GMT), the Egyptian pound was trading at a record high of 49.15 pounds to the US dollar, after more than a year of a stabilised official exchange rate of around 30.9. (Photo by Khaled DESOUKI / AFP)

Al Baraka Bank Egypt has signed an agreement with Raya Information Technology (Raya IT), a subsidiary of Raya Holding for Financial Investments, to provide the latter a general credit facility of up to EGP 550 million as well as a return, as per an emailed press release.

Via this agreement, Al Baraka Bank aims to promote the company’s expansion plans and enable it to explore new avenues for growth, the bank’s CEO Hazem Hegazy pointed out.

For his part, Raya IT’s CEO Hesham Abdel Rassoul noted that the agreement will help speed up the company’s growth and presence in the market.