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CBE launches Nile Pioneers initiative to support SMEs The initiative aims to support SMEs to maximize their contribution to the national economy, and integrate the informal economy with the formal economy
The Central Bank of Egypt (CBE) signed a five-year agreement with the Nile University to launch "Nile Pioneers" initiative to develop and qualify young entrepreneurs in the small and medium-sized enterprises (SMEs). Under this agreement, banks will provide support and establish permanent business development services centres in certain areas with promising investment opportunities, especially in manufacturing, benefiting from the scientific and research expertise of the Nile University. According to CBE Governor Tarek Amer, the initiative aims to support SMEs to maximise their contribution to the national economy and integrate the informal economy with the formal economy in order to increase the domestic product. According to Lubna Helal, a deputy governor of the CBE, this initiative increases the banking sector's contribution to the development of business and the SMEs and spread the culture of entrepreneurship among young people. The Egyptian Financial Supervisory Authority (EFSA) will participate in the preparation of manuals, tools, and training sessions in the fields that require development, including financial leasing, crediting, real estate financing, and banking financing, according to Sherif Samy, chairperson of EFSA. President of the Nile University Tarek Khalil asserted that the university will provide business services centres in its headquarters, provide technical support, and organise convoys to promote the objectives of the initiative in various governorates. Executive Director of the Small and Medium Enterprise Development Authority (SMEDA), Nevine Al-Gamea, said that the authority will allocate its capabilities in the field of entrepreneurship to make this initiative a success.
