Chairman of Banque Misr Mr. Mohamed Eletreby signed a protocol of cooperation with Dr. Mohie Obeid, head of the Egyptian Pharmacists Syndicate. The protocol aims to establish cooperation between Banque Misr and the Pharmacists Syndicate in granting and financing small projects for members of the syndicate.
The signing ceremony was attended by a number of members of the Egyptian Pharmacists Syndicate, Vice Chairman of Banque Misr Mr. Akef Al-Maghraby, Head of Sectors and Branches Mr. Adel Fawzy, Head of the Small and Medium Enterprises Sector Mr. Sherif El-Beheiry, as well as a number of the bank's heads of departments.
The protocol provides necessary funding for pharmacists seeking to launch their own enterprises, in accordance with the terms and conditions for granting microcredit under the Central Bank of Egypt's initiative to finance small projects with a 5% interest rate.
Banque Misr offers unique financing products to meet the needs of small businesses with annual revenues ranging from EGP 1 million to EGP 50 million. Financing is provided with a marginal 5% interest rate for all activities and sectors through specialized units in all branches of the bank.
Further, Banque Misr also provides financial advice to new entrepreneurs, aiming to support the establishment of strong and productive institutions to participate effectively in building the Egyptian economy. This is further consolidated by providing funding requirements that meet all short and medium term financing needs, as well as documentary credits and letters of guarantee. The banks seeks to combat unemployment and boost domestic output, in an effort towards sustainable community development.
Bank Misr consistently strives to build upon its pioneering role in the development of the national economy as a national bank that attaches great importance to financing microenterprises. This is due to the critical role that microenterprises play in boosting the economy and development, constituting a key mechanism for growth. Thus, the bank ensures the provision of many innovative services and tools to facilitate their access to financing.