EiTESAL, the private non-profit organization that is powerfully supporting the ICT industry in Egypt, organized on Tuesday a joint meeting between its member companies and a number of representatives of the business banking sector at the Commercial International Bank (CIB) to discuss the possibility of financing companies under the title “Access to Fund”.
The meeting, in which 30 local companies participated, reviewed the success stories of two major software companies in the Egyptian market, in which they stressed the need for an element of trust and transparency to be present in the application submitted to the bank to obtain this financing
At the beginning of the meeting, Hossam Megahed, Chairperson of EiTESAL, praised the constructive role played by the Commercial International Bank in assisting companies in providing the necessary funds for them, stressing that one of the most important obstacles that stands in front of software companies to develop their business is the availability of the necessary funds to expand the company’s business Where software companies lack banking awareness, which is what the Commercial International Bank has succeeded in providing today for members of communication to unify the language of communication between technology companies and the banking sector.
He added that EiTESAL seeks to be the link between the banking sector in general and the Commercial International Bank in particular, and software companies, after the successive crises that companies went through due to the spread of the Coronavirus and the effects of the Russian-Ukrainian war, which cast a shadow on local companies.
On the other hand, representatives of the Commercial International Bank reviewed the procedures followed by the bank in providing financing in accordance with the bank’s credit policy in light of the vision and strategy of the Central Bank of Egypt and the initiatives it announced, especially the 5% initiative for financing small companies.
The meeting also reviewed other features that the bank can provide to technology companies in general and member companies in the connection, such as non-financial services such as account management, credit and direct debit cards, corporate deposit cards, salary transfer services and internet banking, in addition to non-financial services represented in the Business Solutions Program. The bank’s representatives also stressed the need for continuous work to overcome all existing obstacles and provide a full explanation of the fastest ways to obtain financing, especially since the information technology industry is considered a tributary of development in the Arab Republic of Egypt and contributes 5% to the gross domestic product. It was agreed at the end of the meeting to organize similar meetings in the different governorates
