Cairo – Mubasher: Suez Canal Bank inked a cooperation protocol with Raya Information Technology, a subsidiary of Raya Holding for Financial Investment, according to a press release.

The unit will obtain credit facilities amounting to EGP 1.20 billion in line with the bank’s efforts to support Egypt’s technology sector and deepen its commercial partnerships.

Akef El-Maghraby, CEO and Managing Director of Suez Canal Bank, affirmed the lender’s commitment to providing financing solutions that cater to the needs of institutions and contribute to driving sustainable economic growth.

Hisham Abd El-Rasoul, CEO of Raya Information Technology, said: "This agreement does not only support of our market position but it also serves the broader vision to drive the digital and economic transformation in Egypt, where Raya continues to work diligently to be at the forefront of this transformation."

In the six-month period that ended on 30 June 2024, Suez Canal Bank posted consolidated net profits valued at EGP 1.80 billion, compared to EGP 628.04 million a year earlier.

In the first half (H1) of 2024, the EGX-listed firm recorded higher consolidated net profits at EGP 762.13 million, versus EGP 350.39 million in H1-23.