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For the sake of unemployment reduction, Banque Misr adopts an initiative to finance young breadwinners in cooperation with “Beyti” Company

Chairman of Banque Misr Mr. Mohamed Eletreby and the Deputy Manager of Beyti Egypt Mr. Mohamed Badran have attended signing the Protocol of Cooperation between Banque Misr and Beyti Egypt. The Cooperation Protocol was signed by Mr. Akef Maghraby, Banque Misr Vice Chairman, and Mr. Amr Salem the Head of HR Department at Beyti Egypt, this protocol aims achieving cooperation between Banque Misr and "Beyti" to provide the youths contracted with Beyti Egypt whom work as Beyti products distributers with funds in order to purchase refrigerated vehicles. Further, signing this protocol of Cooperation has taken place in the presence of Mr. Sherif ElBehery Head of SMEs & Micro Finance and number of Banque Misr leaders.

In the context of cooperation between Banque Misr and Beyti Egypt, this protocol allows the youths contracted with Beyti Egypt, working as Beyti Products distributers, to receive Banque Misr financing for the purchase of refrigerated vehicles pursuant to the standard specifications determined by Beyti Egypt. Moreover, this Protocol takes place within the framework of "El-Kaseeb" program launched by Beyti Egypt few months ago. This program seeks to provide employment opportunities, as the participants in "El-Kaseeb" purchase specialized trucks to transport and distribute the Company products, and this after being provided with professional training then the company assigns them to well-studied areas in order to ensure the successfulness of their mission, this in addition to the Company's contribution to half the value of the monthly installment. Also, the target of such Cooperation Protocol is to fund about 400 young aged breadwinners throughout 2018.

Furthermore, financing the purchase of the vehicles is implemented in accordance with the requirements and determinations relevant to granting Small funds that lie under the umbrella of the Central Bank initiative to fund Small Enterprises with 5% revenue. Financing the purchase of these vehicles comes in the light of Bank Misr strategy to provide distinguishing financing products, which correspond with the needs of Small Enterprises, and the requirements of Egyptian Central Bank initiative. These financing products include all the activities and the different sectors, through the specialized units existing inside the Banque Misr branches spread all over the Governorates. Besides, Banque Misr as well provides the owners of new businesses with financial advice and guidance, so as to play a role in establishing huge corporates and firms that can effectively participate in the construction of Egyptian Economy through fulfilling the financing requirements that suit all the financing needs.   

It is worth noting that, throughout 6 months Banque Misr has achieved 80% growth rate in the amount of financing projects with about 5 Billion EGP through the period from 31/5/2017 until 30/11/2017.  Additionally, Banque Misr took part in "Mashro'ak" program in participation with the Ministry of Local Development and other Banks aiming at financing Small and Micro Enterprises, and Banque Misr has been able to possess 50% of the Total loans achieved within the Program. 

Further, Banque Misr has been awarded Sheikh Muhammad Bin Rashid award for being the "Best youths Enterprises supporter in Arab Region", due to Banque Misr's role in supporting youths. Also in view of Banque Misr's significant efforts, Global Banking and Finance Review Magazine has granted Banque Misr the two awards of "The Fastest Growing SME Bank in Egypt 2017" and "Fastest Growing Bank for Micro Financing Egypt 2017".   

In addition, through financing Micro, Small and Medium Enterprises Banque Misr has been able to make a difference in the lives of about 400 thousand persons whom represent the families of the fund recipients, also through financing MSMEs BM had an impact on other persons whom had the opportunity to work in such businesses. These Micro, Small and Medium Enterprises constitute the different needs of the Governorates within various productive, agricultural and services fields, and such enterprises are the principal pillar of Economic Development.

It is crystal clear that, Banque Misr is always keen on engaging in new and effective initiatives as well as concluding protocols that can assist in the community development; so as to support the youths and help them to start productive and developmental activities, and this in correspondence with the objectives of the State and the Egyptian Central Bank in order to eliminate the unemployment through providing new employment opportunities, and to increase GDP to stimulate the Economic growth as well as to achieve sustainable development that will lead to the well-being of Society.