Banque Misr (BM) recently declared the recent funding records allocated for small, medium and micro enterprises as a quick response for Egypt's efforts to support such enterprises aiming at achieving the social and economic development.
BM financed "Mashroak" initiative which aimed at achieving community development and offering opportunities in governorates, centers, villages and hamlets in order to create jobs opportunities. BM granted 30400 loans valued EGP 983 million ending after one year and half.
BM granted loans to micro establishments reached EGP 3.8 billion for 419,000 clients and EGP 1.5 billion for 1403 clients for its SMEs' portfolio. The bank total number of clients had reached 51.800 with a total financing volume of EGP 2.3 billion on the account of the bank wide network of branches in all governorates and covering industrial, agricultural and service sectors.
BM also provided a special variety of credit products for SMEs including financing machines and equipments for factories, medical tools for hospitals and clinics, means of transportation needed for the project, schools and universities and providing funds for workers.
Within the same framework, BM had also signed many initiatives and protocols that aim at enhancing SMEs. It funds establishing Damietta Furniture City, the largest industrial zone for furniture and complementary industries in the Middle East. A cooperation protocol was signed with Damietta Furniture City Co. for financing purchasing small and medium workshops as well as purchasing the machines and equipments needed for production.
Another cooperation protocol was also signed with Investors Small and Medium Enterprises Association in order to support SMEs and provide the needed fund for such projects. Other cooperation protocols are being signed currently with variable governmental entities for financing SMEs in under construction industrial zones.
BM provides technical and financial advisory services through its main branches and coordinates with multiple specialized companies to offer training to the owners of small enterprises on how manage their businesses. The bank aims at enhancing the awareness and financial education of the owners of these enterprises to ensure their success in the future, which will contribute in raising their standard of living level and boost the economy.