Deputy Governor of the Central Bank of Egypt (CBE) Lobna Helal, and Chairperson and CEO of Banque du Caire, Tarek Fayed inaugurated two centres for the business development services under the Nile Pioneers Initiative, in the banks two branches in Al-Sadat city in Menoufiya and Al-Kawthar district in Sohag.

The initiative aims to encourage young people to establish successful projects and support small projects in the informal sector with technical and financial consultations in a way that legalises their situation. These centres provide entrepreneurs with technical support in all their development stages to turn ideas into reality and achieve the initiatives goals.

The initiatives goals also include empowering women economically, encouraging local industry, and expanding digital applications to meet the demands of the Egyptian market and create job opportunities.

Helal explained that the CBE encourages the banking sector to support the state’s efforts towards sponsoring small and medium enterprises. The CBE also targets expanding services provided to entrepreneurs, to include non-financial services, which represent one of the most important requirements for growth and sustainability of these projects.

She added that the initiative aims to spread across the country, providing services for entrepreneurs in their local communities.

Similarly, Fayed explained that this opening comes in line with the banks full support to the CBEs initiatives, adding that it reflects his banks direction to expand in providing services to Micro, small, and medium-sized enterprises (MSMEs) in all governorates, especially in Upper Egypt, and the Delta region.

Furthermore, he explained that Banque de Caire targets the establishment of a third specialised centre in Beheira in addition to more centres in 2020, to support entrepreneurs through a package of business development services.

Banque du Caire has sponsored a business incubator for five years in partnership with the Nile University under the name Banque du Caire Centre for Exportation Excellence to support the Egyptian export councils to help companies enter new international markets.

2019 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an as is and as available basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.