Chairman of Banque Misr Mr Mohamed Eletreby signed a loan agreement for the Bedayaty 2 project with Ms Nevine Gamea, the head of the national agency for SMEs development and microfinancing. The loan is avlued at EGP 400 million in favor of the bank.
The signing comes on the framework of Banque Misr's commitment to supporting micro-enterprises that aim for development, expansion, replacement and renewal. Following this loan agreement, the total value of loans from the national authority to Banque Misr amounts to approximately EGP 1.06 billion since the launch of cooperation.
Further, the signing of the loan agreement comes in light of Banque Misr's support for the diversification of sources of financing for MSMEs. The loan period is five years, and will contribute to aiding micro-enterprises through providing loans to launch enterprises that provide permanent and temporary job opportunities, in addition to boosting local production and income. This in turn is expected to reflect on improved living conditions and increased work opportunities, which contributes to boosting development.
The loan will be targeted towards providing funding to young graduated, both male and female, as well as those with work experience who wish to develop existing micro-enterprises. Funding will only be provided to projects that are either owned by women or in which women are the main beneficiaries, as well as enterprises in rural areas or for customers who live under the poverty line.
Further, Banque Misr continuously ensures the consolidation of its resources in local currency or dollars, which are used to finance projects of all sizes. This builds on the bank's leading role in supporting the Egyptian economy, as well as supporting MSMEs, in light of its belief that such enterprises are the driving force for the economy towards achieving sustainable development.