Protocol is set to fund the establishment of industrial complexes designated for micro-, small, and medium-sized projects
Banque Misr signed a protocol of cooperation with the Industrial Development Authority (IDA), signed by Chairman of Banque Misr Mohamed El-Etriby, and Chairman of the IDA Ahmed Mostafa Abdel Razek.
The protocol stipulated that Banque Misr will fund and study projects upon their allocation, informing the IDA of the findings of their study within no more than 15 days of receiving the request, provided it meets the set criteria. The protocol also stipulates that the bank will designate the yield from the funding. This comes as part of the Central Bank of Egypt initiative to provide funding to micro-, small, and medium-sized projects (MSMEs), as well as the initiative to fund investor's payments for industrial units upon allocation. Funding of 75% of the unit's value is provided, with a 10-year repayment period, and a one year grace period from the unit's date of delivery.
This comes amid the national economic growth strategy, aiming to encourage investment in industrial sectors and promoting and developing local production, as well as promoting industrial MSMEs. The strategy further seeks to provide job opportunities for the youth, and to provide the required lands with facilities to establish industrial process. There have further been efforts to facilitate the allocation and licensing process, and to remove all obstacles for investment.
The IDA is set to establish industrial complexes and allocate them for industrial MSMEs' projects. These projects will be established on the lands in the industrial areas designated by the IDA, which are being prepared for the establishment and operation of industrial activities.
Banque Misr's financing of this project comes within the framework of its commitment to providing economic and social support to benefit the local economy through growth, increasing local production, and providing job opportunities in order to raise the standard of living and achieve economic prosperity.