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Banque Misr Signs a Collaboration Protocol with Cairo Gas Company to Support and Finance Natural Gas-Operated Plants
Banque Misr recently signed a collaboration protocol with Cairo Gas Company to support and finance plants to switch to natural gas-based operations. The signature was attended by Mr. Akef El-Maghraby – Vice Chairman of the Board of Banque Misr; Mr. Mohamed El-Antably – Head of MSME Financing and Islamic Credit at Banque Misr; Eng. Mohamed Fathy – Chairman and Managing Director of Cairo Gas Company and a number of senior executives representing both parties.
The signing of this protocol is aligned with Banque Misr's role as a leading institution in financing SMEs; whereby it was agreed with CGC to launch a joint initiative for supporting and financing plants wishing to switch to natural gas-based operations. Both parties agreed that beneficiaries targeted by this protocol would be the owners of small and medium plants in Badr Industrial City, who wish to develop their factories and switch to natural gas-based operations – as a source of clean energy – instead of diesel and its derivatives. This is for the purpose of developing and advancing factory operations, preserving the environment and rationing currency utilized in importing petroleum products.
Worth noting is that Banque Misr pays special heed to the MSME sector due to its pivotal role in the national economy. The Bank has increased its MSME financing portfolio to amount to 20% of the total credit portfolio. This has positively impacted the national economy by curtailing unemployment and raising individual and household income, which is bound to increase GDP through driving communal productivity and covering the requirements of the domestic market. As such, Banque Misr has consistently worked to drive the MSME financing sector by restructuring and decentralizing its credit business, qualifying and training its designated personnel, assisting entrepreneurs, providing consultation services to its customers and ensuring their success. This is owing to the Bank's firm belief in the MSME sector as they key driver of economic growth.
Moreover, the Bank has partaken in various protocols and initiatives that have served this sector and its customers; such as the Nilepreneurs initiative launched by the Central Bank of Egypt to support entrepreneurs and provide SMEs with comprehensive non-financial services, via Design Houses and Business Development Centers.
As a result of these efforts, Banque Misr attained several awards recently in the field of MSMEs financing from various prestigious institutions, including: "Best SME Bank - Egypt 2020" from Global Business Outlook magazine; "Best Innovative SME Bank – Egypt 2020" from International Finance magazine; "Best SME Partner Bank – Egypt 2020" from British the European magazine; "Best SME Bank – Egypt – 2020" from International Investor magazine; "SME Bank of the Year – Egypt 2020" and "Best SME Financing Bank – Egypt 2020" from the Digital Banker magazine and "Best SME Bank – Egypt 2020" from Asia Money – Euro Money.
The Bank's acquisition of this extensive list of awards and accolades comes as a certificate of entitlement to the trust and confidence of its customers, who are considered mainstays in its endeavors. The Bank consistently seeks to improve its services, maintain its long-term success and effectively participate in offering services that fulfil the needs of its customers.
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