Banque du Caire has announced its participation in the national “Nile Pioneers” initiative sponsored by the Central Bank of Egypt (CBE) and implemented by Nile University in cooperation with several local and international banks and agencies to support entrepreneurship, small projects, and start-ups.
Tarek Fayed, chairperson and CEO of the bank, said that the initiative aims to encourage young people to establish successful projects as well as support small projects in the informal sector with technical and financial consultations in a way that legalises their situation. Hence, it turns them into bodies that work under the umbrella of the formal economy, which leaves a positive impact on the state’s revenues as well as national income, in addition to developing and creating new channels to serve customers of small and medium companies.
Fayed has commended the success of the initiative thanks to the efforts of the CBE and Nile University setting a model for adopting the culture of entrepreneurship.
He explained that his bank has established three specialised centres to support entrepreneurs through a package of business development services to cover main areas in Beheira, Menoufiya, and Assiut.
These units aim to achieve the initiative’s goals, providing the entrepreneurs with technical support in all their development stages to turn ideas into reality. The initiative’s goals also include empowering women economically, encouraging the local industry, and expanding in digital applications to meet the demands of the Egyptian market and create job opportunities.
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” with the aim of supporting the Egyptian export councils to help companies enter new international markets.
Fayed added that Banque du Caire managed to increase its SMEs clients by about 570 people, with an increase of EGP 1.8bn in the bank’s SMEs portfolio at the end of 2018.
He pointed out that the SMEs represent a milestone in the national economy for their ability to grow, provide jobs, and achieve sustainable development.
According to Fayed, the bank has a long experience to develop locally and regionally in this vital sector.