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Banque Misr Signs Financing Contracts for the Development of Small Enterprises and Poultry Projects in Cooperation with the Social Fund for Development

Continuing Banque Misr's series of success stories, and re-iterating the Bank’s leading role in pushing forward the wheel of economic and social development through the provision of a multitude of banking services and providing the necessary financing for all aspects of economic activity; Mr. Mohammed Barakat, Banque Misr’s Chairman of the Board of Directors and Mr. Hani Seif Al-Nasr, Secretary-General of the Social Fund, signed two contracts for the development of small and medium poultry projects and the development of new and existing small enterprises in all governorates of the Republic.

Banque Misr had started to finance small projects in 2004, specifically in Southern Egypt, in line with the government’s economic reforms and unemployment alleviation policies.

It is worth mentioning that Banque Misr has allocated EGP 1 billion to be loaned within the next year to finance small and micro enterprises. The EGP 200 million agreement was the first area of cooperation with the Social Fund for Development, characterized by financing small enterprises in any industry and in all governorates, with specific financing means and support in the field of poultry- including concessional interest rates for existing and new poultry project owners.

The loans are also insured against default risks, and the client receives a competitively priced insurance policy covering all project risks. Additionally, Banque Misr has deployed a plan which places emphasis on the development of small enterprises through the provision of appropriate technical training and support to clients as well as providing new mechanisms for financing small enterprises, such as long-term loans and various credit facilities, speeding up credit related decisions, and easing collateral requirements.

Mr. Mohammed Barakat, Chairman of the Board of Directors, declared that this initiative is a vital step in affirming Banque Misr’s role in the active participation in national economic projects and its role in continually striving to increase per capita income through the effective participation in vital projects that push forward the wheel of economic progress.  Banque Misr continuously seeks to meet the different needs of all segments of the Egyptian society.