Masress : Damietta Furniture City signs cooperation protocol with Banque Misr to finance junior craftsmen

Economic reform programme allowed Egypt to bear repercussions of coronavirus: PM Masked crowds fill streets, trains after Wuhan lockdown ends Germany moves to make it easier to block foreign takeovers Eastern Libya confirms first coronavirus case PSG launch crowdfunding platform to fight coronavirus Egypt approves first issuance of sukuk by Talaat Mostafa subsidiary Tottenham tell players to follow social distancing rules Brazilian star Ronaldinho to be freed from Paraguayan jail into house arrest Euro zone fails to reach a deal on new coronavirus stimulus Ethiopia declares state of emergency to curb spread of COVID-19 Egypt launches mobile application to track coronavirus cases The veil begins to lift on COVID-19: What we know so far Facebook launches new chat app for couples Amazon to suspend delivery service to compete with UPS, FedEx in U.S. Egypt's net foreign reserves fall to $40.1 bln in March – c.bank EgyptAir to operate special flight to Canada Wednesday Madbouly orders continued work of factories, firms to meet Egyptians' needs Egypt quarantines Giza village for 2 weeks due to coronavirus The Minister of Culture launches the electronic initiative "Stay at Home: Culture in Your Hands" on the Internet Stay at home and TAM gallery will bring art to you MPs' work continues Egypt's Awqaf Ministry halts religious activities during Ramadan The golden age of Egyptian cinema Spurs' Son set for chemical warfare training in South Korea UK foreign minister Raab in charge, will decide on lockdown measures: Gove EFA to raise funds for players in lower divisions amid coronavirus Egyptian Fine Arts Syndicate organises exhibition to help artists amid coronavirus Egypt's swimmer Osman quarantined in Red Sea resort after returning from US Egypt's Zamalek to extend Carteron's contract after end of coronavirus Comedy puppet Abla Fahita returns to screens during Egypt's curfew Filling GERD will begin this rainy season: Ethiopian PM Egypt's Supreme Council of Culture launches three new competitions Prosecution warns of EGP 300k fine or 2-year jail for spreading fake coronavirus news Egypt, MENA growth forecast at 2.7%, -0.3% respectively: IIF Al-Sisi discusses joint coronavirus efforts with Abu Dhabi Crown Prince Saudi Arabia intercepts missiles over Riyadh CBE temporarily regulates cash deposits, withdrawals Lagging COVID-19 response to shield frail economy: Rouhani Farwell to Egyptian comedian George Sidhom Weekend's virtual concerts, plays, and festivals people can stream at home Brazilian football stadiums transformed into hospitals to treat coronavirus patients Amid coronavirus outbreak, Egyptian Premier League cancellation seems inevitable Stay At Home: Ministry of Culture to publish free books online for public browsing Ethiopia has not sent Egypt latest designs for GERD: Minister of Irrigation Nigerien President hails Egypt's diplomatic attempts to reach agreement over GERD Al-Sisi appreciates Kenya's support to Egypt's stance on GERD Cairo court acquits Mubarak's sons of stock market manipulation Egypt's President Sisi pardons some prisoners on 25 Jan. Revolution anniversary

Thank you for reporting!

This image will be automatically disabled when it gets reported by several people.

Banque Misr provides EGP 500m bridge loan to GASC until EGP 2bn loan is finalised
21% increase in loans and bank deposits until end of June 2015, over 50% increase in profits, says El-Etreby

Banque Misr arranges $225 mln for Damietta furniture city project

Damietta Furniture City to raise Egypt's exports by more than $200m: Minister

Banque Misr targets increase in SMEs loans to EGP 1.5bn by end of FY 2015/2016
The bank provides 55% of the total funds granted by banks as part of the Mashrouak initiative

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.