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Banque Misr Launches “Develop your Project, Support your Country” Initiative to Train SME Customers in Collaboration with the Egyptian Banking Institute
27/02/2020
In light of Banque Misr’s firm belief in the role played by the small and medium enterprise sector, the Bank has organized training programs for its sector customers in collaboration with the Egyptian Banking Institute, designated the "Develop your Project, Support your Country" initiative in the various governorates of Egypt. The first phase was launched in Cairo Governorate with the initiative aiming to encourage youths to establish SMEs, contribute to their success and growth, establish a culture of entrepreneurship, identify effective means of dealing with banks to fulfil their financing needs, develop the technical capabilities and skillsets of entrepreneurs and discuss issues confronting customers in their current projects. This is for the purpose of maximizing the utilization of invested capital and mitigating risks, thus complementing the support rendered by the Bank to its customers through training programs over the years.

Banque Misr has consistently sought to increase the size of the small, medium and micro enterprise financing portfolio – which amounts to 20% of the size of the credit portfolio – in alignment with state activities and owing to the vital impact of this sector on the national economy. This is in addition to the need for the inclusion of youth, women and different segments of society; leading to a reduction in unemployment, increasing income growth for the individual and the household and ultimately boosting social productivity and covering local market requirements; in lieu of the Bank’s leading status in the banking domain.

Banque Misr also keenly participated in the “Nilepreneurs” initiative launched by the Central Bank of Egypt to support entrepreneurs and provide banking and non-banking small, medium and micro enterprises with comprehensive non-financial services via the initiative’s dual instruments: the first being “Design Houses” which are hubs within universities seeking to support the university population in devising new products or alternative products to the ones imported from abroad, while developing an existing product. The second instrument encompasses "Business Development Centers" which are centers that serve all social segments and aim to provide them with non-financial services and enable them to acquire funding.

The Bank has also keenly partaken in many initiatives and provided services that support customers; such as concluding a cooperation agreement with the International Finance Corporation for provisioning non-financial products and services to women, in order to contribute to supporting investment and integrate the informal economy into the formal economy of women. In keeping with the tradition of offering new and versatile services, Banque Misr has rendered its full support to SME customers insofar as participating in exhibitions, both at home and abroad. An example is the handicraft exhibition held in Milan, Italy, which has been useful for opening foreign markets and availing export opportunities. Another is the protocols assisting our customers in utilizing electronic platforms in their respective businesses.

Banque Misr consistently strives to actively participate in building the Egyptian economy and in advancing society by availing financing requirements for various economic sectors.