Medhat Khalil’s Raya gets $23.3 million to boost Egypt’s banking sector

Raya Integration, a unit of Cairo-based Raya Holding Company for Financial Investments, led by Egyptian businessman Medhat Khalil, has secured a $23.3 million (EGP 1.13 billion) credit facility from the Industrial Development Bank (IDB). The financing is aimed at boosting digital infrastructure, cybersecurity, and projects that support financial inclusion in Egypt’s banking sector.

Supporting Egypt’s digital banking growth

The agreement will help Raya Integration expand its technology capacity and contribute to the Central Bank of Egypt’s financial inclusion initiatives. The funding comes at a time when Egypt is rapidly adopting digital payments and instant-transfer systems across its banking and financial services industry.

This latest loan adds to several recent capital injections that Raya has received to strengthen its data center, payments, and enterprise solutions business. In late 2024, Raya Data Center, a sister company, received backing from Africa50 to expand Tier-III facilities. A few months later, in mid-2025, Raya signed a $20.6 million facility with MIDBANK to fund similar projects.

The new credit from the IDB reinforces Raya’s role as a systems integrator for banks, fintechs, and large corporates in Egypt. “Digital transformation is no longer a choice; it is a necessity,” Khalil has said, highlighting the company’s commitment to supporting the country’s financial digitalization efforts.

Stronger performance supports growth

The facility comes as Raya Holding reports improving financial results. In the first half of 2025, the company posted a 27.5 percent rise in consolidated net profit, reaching EGP 971.7 million ($19.6 million), up from EGP 762.1 million a year earlier.

Growth was driven by robust performance in IT services and outsourcing, giving lenders confidence in the company’s ability to manage debt while scaling operations. The IDB loan aligns with Egypt’s broader push for financial inclusion. The Central Bank is expanding mobile wallets, agent banking, and instant payments, creating opportunities for Raya to support banks with systems integration, hosting, and cybersecurity services.

A long-term presence in Egypt’s technology sector

Founded in 1999 through a merger led by Medhat Khalil and Orascom Group, Raya Holding has grown into one of Egypt’s leading investment firms, with interests spanning IT, call centers, retail, and manufacturing. Khalil, the main shareholder, owns 17.05 percent of the company—over 729 million shares.

Today, Raya is among Egypt’s most prominent publicly listed technology groups, with subsidiaries including Raya Information Technology, Raya Integration, Raya CX, and data-center ventures. With a growing suite of technology assets, Raya is positioned to meet rising demand for digital services while supporting Cairo’s ambitions to strengthen Egypt’s role as a regional fintech and IT hub.