Raya IT receives $23.5M to expand infrastructure for Egypt’s digital economy

Egyptian system integrator Raya Information Technology has obtained a credit facility from the country’s Industrial Development Bank (IDB) to strengthen its digital infrastructure and expand access to banking services.

The firm concluded the financing agreement with the IDB recently and says the funding will be channeled into the expansion of its digital transformation initiatives. The credit facility amounts to 1.13 billion Egyptian pounds, around US$23.5 million.

According to a joint announcement, the credit will enable Raya IT fund the implementation of advanced technological projects that will contribute to the growth of Egypt’s banking sector. It will also strengthen its efforts in cybersecurity and financial inclusion, and support Egypt’s ongoing journey towards a sustainable digital economy as spelled out in the country’s Vision 2030.

The CEO and Managing Director of IDB, Hussein Refaie, said the credit granted Raya IT shows the bank’s commitment to supporting local firms not only in pursuing digital transformation projects, but in innovating and contributing to the growth of the national digital economy.

“This partnership with the Industrial Development Bank represents more than just financing; it is a new step in our vision to accelerate digital transformation and financial inclusion within Egypt’s financial sector,” said Ahmed Khalil, managing director of Raya Holding for Financial Investments.

“This financing reflects the confidence financial institutions have in our capabilities and affirms Raya Information Technology’s position as more than just the technological arm of Raya Holding, but as a strategic partner in building a technological infrastructure capable of supporting Egypt’s economic future. We are not merely keeping pace with digital transformation; we are helping to shape it.”

Raya IT’s CEO praised the IDB for the confidence in its company, lauding its technical and operational capabilities and the key role it is playing in developing the digital infrastructure of Egypt’s financial sector.

In August, Raya IT obtained funding to advance its digital infrastructure expansion to serve customers in banking and other sectors across Egypt.

Last year, a Raya IT subsidiary got $15 million funding for the construction of a Tier III data center in Egypt.

Article Topics

cybersecurity  |  digital economy  |  Egypt  |  financial inclusion  |  financial services  |  Raya Information Technology  |  Vision 2030