The Industrial Development Bank (IDB) of Egypt has signed a landmark credit facility worth EGP 1.13 billion with Raya Information Technology, the tech arm of Raya Holding, to accelerate Egypt’s digital transformation.
The agreement focuses on strengthening cybersecurity, expanding financial inclusion, and modernising Egypt’s banking sector in line with Vision 2030.
IDB and Raya partner to modernise banking infrastructure
This deal marks the first collaboration between IDB and Raya IT, signalling a long-term partnership that goes beyond simple financing. The facility will fund projects that upgrade Egypt’s financial sector with advanced digital infrastructure, more innovative fintech solutions, and stronger cybersecurity measures.
Both parties emphasised that the agreement aims to build a sustainable digital economy. By supporting innovation in banking services, the partnership seeks to improve customer experience, boost efficiency, and ensure Egypt remains competitive in a technology-driven global market.
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Senior leaders attended the signing ceremony, including Hussein Refaie, CEO of IDB; Mennan Awadallah, Deputy CEO of IDB; Ahmed Khalil, Managing Director of Raya Holding; Hesham Abdel Rasoul, CEO of Raya IT, and Hossam Hussein, Group CFO of Raya Holding. Their presence highlighted the strategic importance of the deal to Egypt’s digital future.
Leaders highlight commitment to Egypt’s vision 2030
Speaking at the event, Hussein Refaie noted that the financing reflects IDB’s strategy of backing leading national companies on their digital transformation journey.
He explained that the agreement aligns with the bank’s wider role of supporting fintech innovation, modern banking solutions, and Egypt’s financial inclusion agenda.
Deputy CEO Mennan Awadallah described the deal as a milestone, praising Raya IT’s contribution to Egypt’s tech ecosystem and the banking industry.
She emphasised that this first transaction opens the door for deeper cooperation and long-term collaboration.
On Raya’s side, Ahmed Khalil hailed the agreement as a crucial step toward expanding financial inclusion and advancing Egypt’s technological capabilities.
Raya IT CEO, Hesham Abdel Rasoul, added that the facility showcases confidence in Raya’s technical expertise and will enable the company to scale strategic projects that drive innovation.
Building Egypt’s digital resilience and competitiveness
Raya IT, a systems integrator and digital solutions provider operating in Egypt, Saudi Arabia, and the UAE, has become a key player in regional transformation efforts.
Its services range from cloud and cybersecurity to managed services and infrastructure development, making it a trusted partner for banks, fintechs, and government institutions.
The partnership with IDB strengthens this role, ensuring Egypt’s financial sector keeps pace with global digital trends. As Egypt pushes ahead with its Vision 2030 strategy, initiatives like this credit facility are vital for building resilience against cyber risks, modernising services, and expanding access to financial tools for citizens.
Ultimately, the EGP 1.13bn deal reflects a joint commitment by IDB and Raya IT to shape the future of Egypt’s digital economy. By investing in technology-driven banking, the partnership sets the stage for long-term growth and positions Egypt as a regional hub for financial innovation.