Al Baraka Bank announced that it joined the NilePreneurs Initiative, which was launched by the Central Bank of Egypt (CBE) in 2019, in cooperation with the banking sector and local and international organisations.
The aim is to provide technical and non-financial support to entrepreneurs and startups, as well as small and medium enterprises, through opening a business development services centre at the bank’s branch in the city of Zagazig in the governorate of Sharqia.
The new centre makes Al Baraka Bank the first Islamic bank to join the initiative.
The opening was attended by several representatives of CBE, including Mohamed Fayez, Deputy General Manager of the Banking Development Sector, and Ahmed Hosni, Head of Business Development Centers at the Initiative. From Al Baraka Bank, Ahmed Soliman, Head of SME Banking, and Noha Nosair joined, along with Head of Products and Business Development for the Small and Medium Enterprises Sector.
Fayez said that the Initiative is one of the top initiatives launched by CBE in cooperation with the banking sector to provide non-financial services to entrepreneurs and startups and small enterprises, with the participation of many local and international bodies to support those with innovative ideas and projects by providing them with integrated infrastructure.
He stressed that CBE aims to increase the base of banks participating in the initiative to create culture and incentive within the banking sector, as well as create the necessary infrastructure and mechanisms to provide advisory services such as support and guidance for entrepreneurs and enhance the efficiency of small enterprises.
“We are proud to cooperate with CBE through the NilePreneurs Initiative, and to be the first Islamic bank to join it,” said Soliman, Head of the Small and Medium Enterprises Sector at Al Baraka Bank.
He added, “By opening the Business Development Center, we seek to qualify entrepreneurs and owners of small and medium enterprises through non-financial services, to create new investments in all fields and build new cadres of investors and entrepreneurs to achieve sustainable development for our society.”
He also explained that the new centre offers a diverse package of services, amounting to nine services, the most important of which is facilitating the obtainment of financing. This is ensured by preparing the credit file and documents required from the client’s side to study the required financing and making them aware of the methodology for dealing with various financing institutions.
