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Banque Misr Wins Two SME Awards for 2020; "Best SME Bank – Egypt" from British Global Business Outlook and "Most Innovative SME Bank – Egypt" from International Finance Magazine

Jun 24, 2020 12:00 AM

Banque Misr recently achieved two prizes in the field of small and medium enterprises for the year 2020; "Best SME Bank – Egypt" from British Global Business Outlook and "Most Innovative SME Bank – Egypt" from International Finance Magazine; based on a set of specialized technical criteria pertaining to the performance and strategy of candidate institutions, pursuant to the assessment made by a panel of experts in various disciplines.

The Bank's achievement of these accolades asserts its pioneering role in the field of SME projects, having previously won numerous accolades in the field including: "Best SME Partner Bank - Egypt 2020" from British The European; "Africa SME Financing Bank of the Year - 2019" from Corporate Wire Life Magazine; "Fastest Growing SME Financing Bank - Egypt 2018" from International Finance magazine; "Best SME Financing Bank 2018" from British The European magazine; "Best SME Financing Bank Egypt - 2018" from International Business magazine; "Best SME Financing Bank in the Middle East and North Africa - 2018" from Wealth & Finance International; the "Fastest Growing Bank in the SME Sector - 2017 and the "Fastest Growing Bank in the Microfinance Sector - 2017" from the Global Banking and Finance Review. This is in addition to the Mohammed Bin Rashid award for "Best Supporting Bank for Youth Projects in the Arab world - 2017". Banque Misr has also attained numerous awards in various business sectors from numerous global institutions in appreciation of its achievements and efforts exerted in various business sectors, being one of the pillars of the national economy and the first wholly owned Egyptian bank. Banque Misr was founded with the aim of contributing to the well-being and prosperity of Egypt and for over 100 years the Bank has remained true to its mission, placing the interest of Egyptians at the forefront of its endeavors. Banque Misr not only seeks to achieve financial profitability, but also acts as a catalyst for national and strategic development, which asserts its commitment to sustainability and continuous development and its consistent ability to achieve strong levels of performance for continued growth.

It is worth noting that Banque Misr associates immense importance to the micro, small and medium enterprises sector due to its vital and strategic role in the national economy. The Bank has increased the financing portfolio of this sector to 20% of the credit portfolio, in line with the state's direction insofar as this sector. This is reflected through reduced unemployment and increasing income growth for the individual and family, which will positively impact GDP by boosting societal productivity and covering local market requirements by stimulating production.

Banque Misr has been keen on entering into many protocols and initiatives serving this sector and its clients; such as participation in the Nilepreneurs initiative launched by the Central Bank of Egypt to support entrepreneurs and provide small and medium companies with comprehensive non-financial services, through the two branches of the initiative (Design Houses - Business Development Centers). This is in addition to the Bank's agreement to cooperate with the International Finance Corporation to provide non-financial products and services to women, in order to contribute to supporting investment and integrating the informal economy of women into the formal economy; as well as offering financial advice to new business owners to support the creation of strong and constructive entities.

As part of Banque Misr's keenness to support its SME clients, it has recently launched an integrated plan of non-financial services to support its customers and help them mitigate the negative effects they may be exposed to as a result of the emerging COVID-19 crisis. Said services include awareness and education services, counseling and knowledge transfer, marketing services, training services, business partner services, financial analysis service, feasibility studies services and facilitating access to finance. This plan is implemented in phases, commencing with the governorates in which the Bank's business development centers are located; namely Sadat, New Damietta and Luxor.

Banque Misr has always actively participated in fortifying the Egyptian economy and driving the advancement of society by providing all financial and non-financial services to meet the needs of its customers at all levels.