Raya IT secures $11.4Mn credit line from Al Baraka Bank
CAIRO, EGYPT — Raya Information Technology (Raya IT) has secured a credit line of up to EGP 550 million (US$11.4 million) from Al Baraka Bank Egypt.
The partnership aims to fuel Raya’s expansion plans and contribute to Egypt’s digital transformation efforts.
The agreement, signed by Hazem Hegazy, CEO and Vice Chairperson of Al Baraka Bank, and Hisham Abdul Rasoul, CEO of Raya Information Technology, reflects Al Baraka’s commitment to supporting innovative projects in Egypt.
Impact on Raya’s growth strategy
Rasoul noted the importance of this credit line for Raya’s growth. He highlighted that amidst economic challenges, this partnership paves the way for new growth opportunities, contributing significantly to the digital and economic transformation in Egypt.
Meanwhile, Hegazy emphasized the bank’s commitment to fostering innovation. By providing these credit facilities, Al Baraka aims to bolster Raya’s expansion efforts and support their exploration of new growth avenues.
وقع بنك البركة اتفاقية تعاون مع شركة راية لتكنولوجيا المعلومات لمنح حد ائتماني يصل إلى 550 مليون جنيه مصري. حضر الحفل حازم حجازي، الرئيس التنفيذي لبنك البركة، وهشام عبدالرسول، الرئيس التنفيذي لشركة راية. pic.twitter.com/GAf4rLUAZK
— Raya Information Technology (@raya_it) July 1, 2024
Raya IT is a subsidiary of Raya Holding for Financial Investments. With a workforce of over 1,000 certified team members, Raya IT has helped more than 1,000 customers across various market sectors adopt the latest technology trends and achieve enhanced levels of business performance.
Al Baraka Bank, known for its Islamic banking services, has been operating in Egypt for almost 40 years. With a network of 36 branches covering Cairo, Alexandria, and Delta, the bank aims to expand its presence to most governorates of Egypt by the end of 2025.
Raya IT reported revenues of $557.8 million in 2024, while Al Baraka Bank Egypt posted a consolidated net profit after tax of EGP 553.27 million (US$11.5 million) in the first quarter of 2024.