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Banque Misr concludes a Protocol of Cooperation with the Egyptian Manufacturers Association
Banque Misr has signed a Protocol of Cooperation with the Egyptian Manufacturers Association on Sunday corresponding to November 18, 2018. This protocol targets the mutual cooperation between both parties for the sake of developing the Small and Medium Enterprises (SMEs) in addition to providing the members of the Egyptian Manufacturers Association with significant financing services and export services. This Protocol of Cooperation has been signed by Mr. Sherif El-Behery the Head of Banque Misr’s SMEs & Micro Finance Department, delegated by the Chairman of Banque Misr – Mr. Mohamed El-Etreby, and Mr. Walid Helal the Chairman of the Egyptian Manufacturers Association.
Moreover, the Cooperation Protocol has been signed in the presence of Mr. Mohamed El-Etreby, Chairman of Banque Misr, and Mr. Akef El-Maghraby as well as Mr. Hossam El-Din Abdul Wahab, Vice-Chairmen of Banque Misr, and Mr. Shehab Zidan, Head of Corporate and Financial Institutions Banking Products Sector, in addition to a number of the BM leaders and some of the members of the Board of Directors of the Egyptian Manufacturers Association, also in the presence of the Major General Mr. Ali Saudi – CEO of the Association.
In accordance with the initiative of the Central Bank of Egypt, this protocol aims at providing different financing services to the manufacturers belonging to the Association; and this in line with the Bank’s significant role in improving the national economy and social stability as well as in increasing the Domestic Product in order to provide these kinds of projects with a facilitated access to financing and to provide a number of non-traditional services and instruments. Additionally, signing this Protocol is deemed part of the Central Bank’s initiative by which the members of the Egyptian Manufacturers Association will be able to obtain the required financing with small diminishing interest rate that amount to 5% and 7% due to the fact that Banque Misr is always keen on meeting the different needs of all the society’s segments contributing to the advancement of development.
Furthermore, signing this Cooperation Protocol takes place as a complementary to the Bank’s activity in financing the Micro, Small and Medium Enterprises (MSMEs), whereas the number of the portfolio customers has increased with 32% in June 2018 in comparison with June 2017, while the Portfolio’s value has increased with 131% in June 2018 comparable with June 2017. As well, being a leading Financial Institution, Banque Misr constantly endeavors to provide excellent banking services to its customers in addition to supplying them with the best banking services and products that suit the customers’ needs.
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