Egypt, France airdrop aid to Gaza amid growing humanitarian crisis, global criticism of Israel    Supply minister discusses strengthening cooperation with ITFC    Egypt launches initiative with traders, manufacturers to reduce prices of essential goods    SCZONE chief discusses strengthening maritime, logistics cooperation with Panama    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Egypt reviews health insurance funding mechanism to ensure long-term sustainability    Gaza on verge of famine as war escalates, ceasefire talks stall    Gaza crisis, trade on agenda as Trump hosts Starmer in Scotland    Egyptian president follows up on initiatives to counter extremist thought    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    Egypt will keep pushing for Gaza peace, aid: PM    I won't trade my identity to please market: Douzi    Sisi calls for boosting oil & gas investment to ease import burden    EGX to close Thursday for July 23 Revolution holiday    Egypt welcomes 25-nation statement urging end to Gaza war    Sisi sends letter to Nigerian president affirming strategic ties    Egypt, Senegal sign pharma MoU to unify regulatory standards    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    58 days that exposed IMF's contradictions on Egypt    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Damietta Furniture City signs cooperation protocol with Banque Misr to finance junior craftsmen
The city is built on 331 acres, including 2,000 workshops and 55 factories to provide 20,000 job opportunities
Shaimaa Al Aees Published in Daily News Egypt on 03 - 10 - 2016

Minister of Trade and Industry Tarek Kabil announced that Damietta Furniture City will be officially inaugurated within a year.
Construction of the furniture technology centre is scheduled to be completed within a month in preparation for transferring equipment and devices to test the quality of the furniture.
At the signing of the cooperation protocol between the Damietta Furniture City company and Banque Misr to finance junior craftsmen, Kabil noted that this protocol is Damietta Furniture City's first activity since its establishment in July. In addition, this protocol is one of the outcomes of the Central Bank of Egypt's (CBE) initiative to finance small- and medium-sized enterprises (SMEs).
The cooperation protocol aims to provide the funding necessary to enable junior craftsmen to own units and equip them with the latest equipment with the aim of developing and modernising Egypt's furniture industry, in addition to stimulating exports.
Ossama Saleh, chairperson of Damietta Furniture City, said that his company and Banque Misr are conducting the final arrangements to finance the development and construction of the city with up to EGP 1.5bn.
Saleh noted that the city is built on 331 acres and includes 2,000 workshops, 55 factories, and provides 20,000 job opportunities.
Mohamed El-Etreby, chairperson of Banque Misr, revealed that his bank targets to provide approximately 12.5% of the CBE initiative to finance SMEs over four years.
According to a press statement issued by Banque Misr, the bank will provide EGP 1.5bn in loans for junior craftsmen in Damietta Furniture City for a year. The bank aims to provide a EGP 2bn loan to set up the new city.
Damietta Furniture City company was founded in July with an authorised capital of EGP 5bn and issued capital of EGP 521m with contributions by the National Investment Bank (NIB), the Damietta governor, Ayadi Company for Development and Investment, and the General Authority for Industrial and Mining Projects.

Clic here to read the story from its source.