Banque Misr granted a number of loans worth 3.8 billion Egyptian pounds for 419,000 clients who are working in small- and medium-sized enterprises (SMEs) and micro-enterprises sectors in various fields, including industrial, agricultural, and service projects. According to a statement issued by the bank, the size of Banque Misr's SMEs loan portfolio amounted to 1.5 billion pounds serving 1,403 clients, bringing the bank's total customers to 51,800 clients, with finances estimated at 2.3billion pounds. The bank said that its efforts to finance SMEs and micro-enterprises come in line with the state instructions to support these projects in order to achieve economic and social development. He added that the bank had offered 30,400 loans worth 983 million pounds under the national initiative for community and local development Mashrouak (Your Project) during a year and a half. This initiative aims to achieve community development in all provinces and villages through providing development opportunities and creating new jobs in these places. Banque Misr provided a number of credit products specifically designed to meet SMEs' needs, such as funding machinery and equipment for factories, medical equipment for hospitals and clinics, private transport, schools and universities, as well as the working capital, according to the bank. The bank has signed a number of initiatives and protocols to expand its financing in SMEs. The bank also financed the establishment of the Damietta Furniture City, which would be the largest industrial zone specialising in furniture and complementary industries in the Middle East. A cooperation protocol was signed between the bank and Damietta Furniture City Company to finance the purchase of small- and medium-sized workshops, machinery, and production equipment and requirements. Another cooperation protocol was signed with the Small- and Medium-Sized Enterprises Association to support these projects and provide required funding. Banque Misr pointed out that it prepares for signing more cooperation protocols with multiple government agencies for the financing of SMEs in under-construction industrial zones. The bank offers technical and financial consulting services for these projects through its main branches, as well as coordination with multiple specialised companies for training the bank's clients on creating and managing their projects. The bank aims to raise awareness and financial education and spread entrepreneurial thought among the owners of these projects to ensure their success in the future, which would contribute to raise the living standards of individuals and boost the economy. Source: Daily News Egypt
