Banque Misr has injected EGP 2.2bn to fund 48,392 micro enterprises during the period from 26 March 2015 until the end of November 2017, a period of nearly 32 months.
Banque Misr worked with the Ministry of Local Development and several other banks in the “Mashro`ak” (Your Project) programme of in March 2015, with the aim of funding micro and very small enterprises through the one stop shop at the local branches spread across the governorates. They are nearly 308 local units.
The bank is present in 238 local branches, representing 77% of the total number of units across Egypt.
According to the bank, it accounts for about 50% of the total loans provided to the very small and micro enterprises through the programme.
Dubai Crown Prince Hamdan bin Mohammed bin Rashid, and the chairperson of Dubai Executive Council, has honoured Mohamed El-Etreby, the chairperson of Banque Misr, for his role in supporting youth projects. This took place during an honouring ceremony during the second edition of the Mohamed bin Rashid Award for Young Business Leaders.
According to Banque Misr, receiving this award comes a result of its achievements over the past period in increasing growth rates in the field of funding micro, small, and medium enterprises, pointing out that the bank’s loan portfolio of this type of projects has increased by three times during the period extending from December 2016 to December 2017.
The bank said that through funding these projects, it managed to impact the lives of about 400,000 people who include the families of the individuals receiving this funding. It has also impacted people who have worked in these projects. He stressed that these projects represent the different needs of the governorates in several production-related, agricultural, and service fields, representing the economic building blocks of the state.
“The bank is keen on financing various projects of different sizes, out of the belief that these projects are the locomotive of economic growth. The bank is also keen on entering into new initiatives and protocols which can help community development,” El-Etreby said.
He explained that the bank took part in funding the workshops at the Robiki Leather City, and the development of industrial areas, through establishing industrial complexes for small, medium, and micro enterprises, as well as funding the workshops of Damietta Furniture City and funding the pharmaceutical sector.
He added that the role of the bank is not limited to providing financial support to customers. It also extends to non-financial support through organising training sessions to help entrepreneurs, as well as regularly following up with bank customers and offering them advice to ensure their success and advancement, which eventually achieves sustainable economic development.
Banque Misr receives the Mohammed bin Rashid Award for Young Business Leaders
