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

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

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.

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