Banque Misr signs cooperation protocol with Egyptian Manufacturers Association to provide its financial, export services to its members
SMEs clients up by 32% at bank in 1 year, loans to these projects up by 131%
The Head of Banque Misr’s Small and Medium Enterprises (SMEs), Sherif El Beheriy, signed a cooperation protocol with Walid Helal, chairperson of the Egyptian Manufacturers Association,to support the joint cooperation between the two parties in order to promote SMEs and provide financing services and export services to the members of the association.
The protocol aims to provide financing services to the association’s members in accordance with the initiatives of the Central Bank of Egypt (CBE), and in line with the bank’s important role in developing the national economy, social stability, and increasing national output, in order to facilitate the access of these types of projects to finance and provide many non-traditional services and tools.
The signing of the protocol comes within the framework of the CBE’s initiative, under which the members of the association will be able to obtain the necessary funding at a decreasing interest of 5 and 7%. This is part of the bank’s keenness to meet the different needs of all segments of society, thus contributing to the advancement of development and complementing the bank’s activities in financing micro, medium and small enterprises.
The number of SME customers at Banque Misr has increased by 32% in June 2018 against June 2017, while the value of the loans directed to these projects increased by 131% in June 2018 compared to June 2017.
The protocol was signed in the presence of Mohamed El-Etreby, chairperson of Banque Misr, as well as Aked Maghraby and Hossam El-Din Abdel Wahab, the chairperson deputies, in addition to Shehab Zidan, head of the Corporate Banking and Financial Institutions Sector and several the bank’s officials.