Banque Misr, ITIDA sign cooperation protocol to ease financing SMEs in ICT sector

CAIRO - 12 June 2020: Banque Misr and The Information Technology Industry Development Agency (ITIDA) signed Friday a cooperation protocol to ease financing of small and medium-sized enterprises (SMEs) in the information and communications technology (ICT) sector.

The signing ceremony was witnessed by ICT Minister Amr Talaat and president of Banque Misr Mohamed el Etribi.

The protocol aims at providing the funding needs to the SMEs working in the ICT sector, with preferential interest rates of five percent, according to the Central Bank of Egypt's (CBE) initiative.

According to the protocol, ITIDA will make a list of the SMEs that are eligible to receive funding from Banque Misr to enable them to develop their capabilities.

The aim is to support these enterprises , convert intangible tech assets into financial value, create jobs and contribute to boosting economic growth, according to Banque Misr and ITIDA officials.