The National Bank of Egypt (NBE) signed a credit facility agreement worth EGP 1bn with the information technology (IT) systems integrator, Fiber Misr, to finance the establishment of several IT projects.
The signing ceremony was attended by Chairperson of NBE Hesham Okasha, Chairperson and CEO of Fiber Misr Ahmed Mekky, Deputy Chairperson of NBE Yehia Aboul Fotouh, Deputy Chairperson of Fiber Misr Sherif Nabih, and Head of NBE’s Credit Group for Corporate and Syndicated Loans Sherif Riad
Okasha said the funding is part of NBE’s commitment to support national projects in Egypt, being the biggest bank on the Egyptian market.
He explained that one of the main strategic points of the bank is to expand in providing digital services that keep abreast on international communication programmes and the state’s digital transformation. It is also in line with the Central Bank of Egypt’s (CBE) plan to become more financially inclusive by transforming Egypt into a cashless society.
He noted that the funding provided by the bank to the company will allow it to complete and implement the national projects assigned to it in the coming period, stressing that providing loans to projects and contracting works is an essential part of the role played by the NBE in the field of financial intermediation and supported by the bank’s credit and economic group.
For his part, Ahmed Mekky praised the cooperation between the NBE and Fiber Misr, which will contribute to the implementation of the company’s strategic plans, as it includes the company’s vision to become one of the largest companies in the field of information technology and digital transformation in the Middle East.
Moreover, Sherif Nabih said Fiber Misr previously implemented many national projects during the last period, for example, updating the infrastructure of 2,500 secondary schools and connecting them to the Internet, modernising the signalling system in the Benha-Port Said railway, establishing a data centre for all ministries and government agencies in the New Administrative Capital.
Yehia Aboul Fotouh stressed that the deal came in line with the NBE’s strategy for digital transformation, which started with opening the first electronic bank branch in Egypt. At the moment, there are seven electronic branches, and the bank plans to have about 25 similar branches by the end of the year.
He added that the bank launched its second phase for internet banking services, Al Ahly Net, to facilitate modern electronic banking procedures for customers, and more specifically youth. The bank has also launched the NBE Mobile service that provides an advanced banking experience.
He added that the NBE is also cooperating with financial technology companies (Fintech) to provide the latest electronic payment methods, including a cooperation with the CBE in the “Innovation Challenge” competition in partnership with the Fintech Galaxy platform.
Sherif Riad said the facility agreement includes financing the company’s current activity, as well as opening external letters of credit to import production requirements for company or local credit, accept shipping documents, or issue local letters of guarantee of all kinds.