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Banque Misr opened two new centers for business development as part of its participation in the national initiative “Nile Pioneers” at the bank branches in the cities of Sadat and New Damietta

The opening was attended by Ms. Lobna Helal – Deputy Governor of the Central Bank of Egypt; Mr. Mohamed El-Etreby – Chairman of Banque Misr; Sherif El-Beheiry – Head of SMEs, Microfinance and Islamic Banking at Banque Misr; Ms. Nermine El Tahri – Sub-Governor Banking Reform Sector; as well as a group of the Banque Misr leadership team.

The business development centers to support businesses by helping them to unleash the potential of youth, increase the number of small and medium enterprises, and encourage startups and existing companies in target economic fields. This in turn will result in promoting domestic products through a national industry that possesses the ability to compete in and conquer new markets internationally. 

The two new business centers come within the Banque Misr plan to roll out business development centers within its various branches. The bank is currently preparing to open another center in Luxor, as part of its effective participation in the national initiative “Nile Pioneers”, under the patronage of the Central Bank of Egypt.

Ms. Lobna Helal, commenting on the opening of the two new centers, said, “The Central Bank of Egypt pays special attention to small and medium enterprises and aims to strengthen the concept of entrepreneurship through various means, including the introduction of the “Nile Pioneers” initiative. The initiative highlights the role played by the banking sector in supporting youth creativity and embracing startups. This is through a wide variety of programs, at the forefront of which are these business development centers which offer technical and administrative support to entrepreneurs and projects. This all comes as part of the Egypt 2030 sustainable development plan.”

Mr. Mohamed El-Etreby commented further saying, “Selecting the locations of Sadat and New Damietta cities came as part of a well-studied plan based on a map for investment opportunity localization. Within the framework of the “Nile Pioneers” initiative, we offer non-financial services through trained calibers to help overcome the challenges that entrepreneurs face. This includes feasibility studies, product design and marketing, and administrative structure. The centers will also act as a liaison between companies, entrepreneurs, supply chains, and local and export markets.”

Mr. El-Etreby pointed out that Banque Misr, also within the framework of the “Nile Pioneers” initiative, has recently signed cooperation protocols with three universities to establish design houses that work with students, entrepreneurs, startups and small industrial institutions to develop new products and build prototypes using reverse engineering and design-for-manufacturing, as well as train youth on design principles.            

Banque Misr has recently participated in several cooperation protocols and initiatives to support entrepreneurs, small projects and national projects of various sizes. An example of such activities is the funding to establish Damietta as the biggest specialized industrial zone for furniture and complementary industries in the Middle East. This is done in cooperation with Damietta City company, Industrial Development Authority, and Robeiki Leather City, all aiming to finance small- and medium-sized workshops, and to provide the machinery and tools needed for production.

The efforts exerted by Banque Misr in the small and medium projects field has been rewarded many times; among which are the Award for Bank of the Year in Financing Small and Medium Projects for the year 2019 in Africa, received from the Corporate Life Wire magazine; the award for Fastest Growing Bank in Financing Small and Medium Projects for 2018 in Egypt, presented by Global Banking and Finance magazine; Best Bank in Financing Small and Medium Projects for the year 2018 in the Middle East and North Africa, presented by Wealth and Finance magazine; Award for the Best Bank in Financing Small and Medium Projects for the year 2018 from British European magazine; Award for the Best Bank in Financing Small and Medium projects in Egypt 2018, presented by International Business magazine; in addition to the Mohammed Bin Rashid award for the Best Supporting Bank for Youth Projects in the Arab World in 2018.