Cairo – Mubasher: Al Baraka Bank-Egypt has signed a cooperation agreement with Raya Information Technology Company, a subsidiary of Raya Holding Company for Financial Investments, for credit facilities of up to EGP 550 million or its equivalent in foreign currency.

Hazem Hegazy, CEO and Vice Chairman of Al Baraka Bank, highlighted that the partnership underlines the bank’s dedication to supporting innovative projects and enhancing cooperation between the banking and technology sectors in Egypt, according to a press release.

For his part, Hisham Abdel Rasoul, CEO of Raya Information Technology, stated that the agreement would accelerate the company's business and market expansion.

It is worth noting that Al Baraka Bank-Egypt posted a consolidated net profit after tax of EGP 553.27 million in the first quarter (Q1) of 2024, up from EGP 445.68 million in the corresponding period last year.