Dr.Amr Talaat – the Minister of Communications and Information Technology – and Mr. Mohamed El-Etreby - Chairman of the Board of Directors of Banque Misr - witnessed the signing of a protocol of cooperation between Banque Misr and the Information Technology Industry Development Authority (ITIDA) to support and develop Egyptian companies operating in the field of information and telecommunications technology, as well as to provide the necessary credit facilities to further the business of companies registered in the ITIDA database. The protocol was signed by Mr. Akef El-Maghrabi - Deputy Chairman of the Board of Directors of Banque Misr - and Engineer Hala El-Gohary - CEO of ITIDA.
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Following signature of the protocol, Dr. Amr Talaat – the Minister of Communications and Information Technology – stressed the vital role played by small and medium-sized companies in achieving economic development and providing distinctive and intensive job opportunities; noting that the cooperation protocol between ITIDA and Banque Misr comes within the framework of the Ministry of Communications and Information Technology's constant strive to develop local companies operating in the sector, in a manner that enhances their operational capabilities and contributes effectively to building a digital Egypt, while enhancing its competitiveness in regional and global markets.
Dr. Talaat added that the protocol aims to provide an appropriate and encouraging financing environment for small and medium-sized companies operating in the IT & Telecoms field, to enable them to boost the efficiency of their business performance and develop their capabilities.
Mr. El-Etreby - Chairman of Banque Misr - confirmed that the signing of this protocol comes in light of Banque Misr being one of the most pioneering financial institutions to support and finance SMEs via its branches throughout the Arab Republic of Egypt. This is coupled with the Bank's strive to provide distinctive financing mechanisms that meet the financing needs of all projects in all sectors of economic and service activities, which reflects in the advancement of the national economy.
Mr. Akef El-Maghrabi - Deputy Chairman of Banque Misr - stated that the Bank attaches great importance to the SME sector, as the size of the financing portfolio of this sector amounted to 20% of the total financing portfolio. This comes in line with the directives of CBE and the state's efforts to advance the sector in order to improve economy indicators, drive rates of economic development, promote local products and reduce the import bill.
Engineer Hala El-Gohary - CEO of ITIDA - stated that one of ITIDA's priorities is disseminating a culture of entrepreneurship, supporting and developing SMEs in order to provide employment opportunities for Egyptian talent, while serving sustainable development goals in a way that contributes to providing innovative technological solutions to serve Egypt's strategy of digital transformation and financial inclusion.
Banque Misr has always been keen on partaking in new and effective initiatives and protocols to support the projects sector, such as will be reflected in driving economic growth and achieving sustainable development to ensure social welfare and prosperity.
